Vietnam: Spectacle Glass Lenses Market 2024

Spectacle Glass Lenses Market Size in Vietnam

The Vietnamese spectacle glass lenses market soared to $X in 2022, increasing by 60% against the previous year. Overall, consumption, however, continues to indicate a abrupt setback. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Spectacle Glass Lenses Production in Vietnam

In value terms, spectacle glass lenses production amounted to $X in 2022 estimated in export price. Over the period under review, production, however, showed a noticeable descent. The pace of growth appeared the most rapid in 2018 with an increase of 31%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Spectacle Glass Lenses Exports

Exports from Vietnam

Spectacle glass lenses exports from Vietnam contracted remarkably to X units in 2022, waning by -23.4% against the year before. Overall, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 88% against the previous year. As a result, the exports attained the peak of X units, and then shrank markedly in the following year.

In value terms, spectacle glass lenses exports fell notably to $X in 2022. In general, total exports indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +24.3% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 49%. As a result, the exports attained the peak of $X, and then shrank dramatically in the following year.

Exports by Country

Thailand (X units) was the main destination for spectacle glass lenses exports from Vietnam, with a 42% share of total exports. Moreover, spectacle glass lenses exports to Thailand exceeded the volume sent to the second major destination, Japan (X units), threefold. South Korea (X units) ranked third in terms of total exports with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Thailand stood at -1.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-2.2% per year) and South Korea (+13.7% per year).

In value terms, Thailand ($X) remains the key foreign market for spectacle lenses of glass or other materials exports from Vietnam, comprising 41% of total exports. The second position in the ranking was held by Japan ($X), with a 12% share of total exports. It was followed by South Korea, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Thailand stood at +2.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+1.1% per year) and South Korea (+17.4% per year).

Export Prices by Country

The average spectacle glass lenses export price stood at $X per unit in 2022, increasing by 9.2% against the previous year. Over the last decade, it increased at an average annual rate of +3.4%. The most prominent rate of growth was recorded in 2013 when the average export price increased by 38%. The export price peaked at $X per unit in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Spain ($X per unit) and Brazil ($X per unit), while the average price for exports to the Philippines ($X per unit) and Japan ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Spain (+4.4%), while the prices for the other major destinations experienced more modest paces of growth.

Spectacle Glass Lenses Imports

Imports into Vietnam

In value terms, spectacle glass lenses imports fell markedly to $X in 2022. Over the period under review, imports continue to indicate strong growth. The pace of growth was the most pronounced in 2021 with an increase of 48% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In value terms, China ($X), South Korea ($X) and Thailand ($X) were the largest spectacle glass lenses suppliers to Vietnam, with a combined 84% share of total imports. Hong Kong SAR, Japan and the Philippines lagged somewhat behind, together comprising a further 11%.

Japan, with a CAGR of +25.4%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average spectacle glass lenses import price stood at $X per unit in 2022, reducing by -22.6% against the previous year. Overall, the import price continues to indicate a mild curtailment. The most prominent rate of growth was recorded in 2019 when the average import price increased by 117%. The import price peaked at $X per unit in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the Philippines ($X per unit), while the price for Hong Kong SAR ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+7.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :