The lift and escalator industry in Vietnam has shown promise in recent years and has experienced notable expansion.

Vietnam's lift market, valued at $230 million in 2016, is expected to reach $320 million by 2020, growing at a compound annual growth rate of 7.2%, according to a market research report. Over the past few years, Vietnam's lift market has grown steadily in size. This has to do with how Vietnam is becoming more urbanised and economically developed, which both directly and indirectly supports the expansion of the lift and escalator industry. The market is anticipated to increase over the coming years and reach $450 million by 2025.

In the active promotion of urbanization, as Vietnam's urban population continues to increase and urban construction develops rapidly, the demand for elevators and escalators in commercial buildings, public buildings and residential projects is also growing. Projects such as high-rise buildings and shopping malls have higher demand for elevators and escalators, especially in major cities such as Ho Chi Minh City and Hanoi.

At the same time, Vietnam's local elevator and escalator manufacturing industry is also gradually rising. Its domestic market share increased from 25% in 2016 to 35% in 2020, while the market share of international brands dropped from 75% in 2016. to 65% in 2020. The Vietnamese government encourages local enterprises to carry out technological innovation and industrial upgrading in this field and provides corresponding support policies. While meeting domestic demand, these local manufacturers have gradually begun to export products to international markets. As the potential of the Vietnamese market is gradually realized, some internationally renowned elevator and escalator brands have also entered the Vietnamese market. These international brands have brought advanced technology and management experience, forming a certain competitive pattern with local companies.

Moreover, Vietnam's elevator and escalator market is also developing towards becoming smarter, safer and more energy efficient. The introduction of new technologies and the promotion of innovation have led to the emergence of more competitive products on the market. The Vietnamese elevator and escalator market is gradually upgrading to high-end and intelligent directions. For example, an office building project in Hanoi in 2019 adopted the world's first elevator with facial recognition function. In addition, local Vietnamese companies are also strengthening their own technological innovation and innovation to design more high-quality products that meet local requirements.

The Vietnamese government is aggressively pushing urbanisation in response to the expanding market, with the goal of raising the country's urbanisation rate to 45% by 2030. This will help the market for escalators and lifts grow directly. The market will face increased competition in the future, which will present both opportunities and problems. There will also be more competitors.