Vietnam Paints and Coatings Market

Vietnam Paints and Coatings Market Size and Share:

The Vietnam paints and coatings market size was valued at USD 742.40 Million in 2024. The market is expected to reach USD 1,103.28 Million by 2033, exhibiting a CAGR of 4.50% during 2025-2033. The market is fueled by increasing urbanization, increasing infrastructure spending, and growth in residential and commercial construction projects throughout Vietnam. Furthermore, Industrialization, along with the development of automotive, maritime, and manufacturing industries, further drives market demand. Apart from this, growing consumer demand for green, low-VOC, and high-quality products is stimulating innovation and driving the incorporation of advanced powder and waterborne coating solutions, which further augments the Vietnam paints and coatings market share.

The market is witnessing strong growth, supported by multiple factors that span construction, industrialization, and consumer trends. Furthermore, the growth of export-oriented industries, such as electronics and manufacturing, is fueling demand for durable, protective coatings. Besides, the rapid development of Vietnam’s coastal economy is generating heightened demand for specialized marine and protective coatings. With over 3,200 kilometers of coastline and an expanding blue economy, Vietnam is investing heavily in shipbuilding, port infrastructure, aquaculture, and offshore energy projects. Also, one of the emerging Vietnam paints and coatings market trends is that as developers and contractors prioritize smart infrastructure, the need for innovative coatings that enhance building performance and longevity is expanding.

In addition to this, increasing consumer preference for eco-friendly, low-VOC, and waterborne solutions is pushing innovation and reshaping product portfolios. Besides, rising disposable incomes and shifting lifestyle preferences are also accelerating the adoption of premium decorative paints with enhanced aesthetics. According to industry reports, in 2024, Vietnam secured the 11th position among Asia Pacific countries in terms of average gross income, supported by a 6.1% real growth in per capita disposable income. Furthermore, Vietnam’s supportive regulatory framework encouraging sustainability is driving investments in advanced formulations. The country’s strategic positioning as a manufacturing hub further amplifies demand for industrial coatings across diverse sectors.

Vietnam Paints and Coatings Market Trends:

Increasing Construction Activities

The increasing construction activities across Vietnam are a major catalyst for paints and coatings demand, as extensive residential, commercial, and infrastructure developments accelerate nationwide. Public investments in transportation, energy, and housing projects, along with private real estate growth, are generating a surge in demand for architectural and protective solutions. Moreover, Deputy Minister of Construction Le Anh Tuan stated that 250 projects launched and inaugurated in August 2025 are expected to contribute over 18% to the national GDP in 2025, with this figure projected to exceed 20% in the subsequent years. These state-funded initiatives are aimed at providing essential infrastructure to attract private investment. Furthermore, Vietnam's goal of constructing 100,000 social houses by 2025 highlights the growing demand for construction materials, including paints and coatings, across both residential and commercial sectors. This expansion is boosting requirements for weather-resistant, waterproof, and aesthetically appealing coatings suited to Vietnam's diverse climatic conditions, thereby propelling Vietnam paints and coatings market growth. Urbanization is also driving demand for fast-drying, low-odor coatings that minimize disruption in densely populated environments. Manufacturers are increasingly tailoring product innovations to address energy efficiency, durability, and sustainability while also strengthening distribution networks to ensure timely delivery across multiple regions, supporting rapid infrastructure development.

Expansion of the Automotive Sector

The expansion of the country's automotive sector is another critical trend fueling the demand for advanced coatings, particularly those used in vehicle assembly and refinishing. The country's automotive industry is experiencing sustained growth, supported by strong domestic demand and significant government incentives to promote local manufacturing. According to industry analyses, Vietnam's domestic car production was estimated at 388,500 units in 2024, marking a 27% increase compared to 2023, reflecting rapid market expansion. This growth is stimulating demand for high-performance coatings that provide superior protection against corrosion, enhance durability, and deliver attractive finishes. In addition to conventional vehicles, the rising production of electric vehicles is intensifying the need for specialized coatings suited to lightweight materials and battery components, which is further enhancing the Vietnam paints and coatings market outlook. Automotive coatings also play a vital role in improving fuel efficiency and meeting increasingly stringent environmental standards. As manufacturing bases diversify and expand across Vietnam, coatings producers are aligning with the sector's evolution by developing customized, technologically advanced solutions for automotive applications.

Vietnam Paints and Coatings Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the Vietnam paints and coatings market, along with forecasts at the regional levels from 2025-2033. The market has been categorized based on product, material, and application.

Analysis by Product:

• Waterborne Coatings
• Solvent-borne Coatings
• Powder Coatings
• High Solids/Radiation Curing
• Others

Waterborne coatings have a high volume share in the market, primarily because of growing environmental consciousness and regulatory endorsement of green solutions. These coatings, with water as a major solvent, emit fewer volatile organic compounds (VOCs), so they are safer for both handlers and the environment. Their increasing uptake is driven by usage in construction and furniture applications, where long-lasting, low-odor, and fast-drying products are of great premium. Further, residential housing projects and urbanization are driving the demand for waterborne coatings in decorative coatings nationwide.

Solvent-borne coatings still remain significant in the Vietnamese market, particularly in heavy-duty and industrial applications where high durability and performance are critical. Their excellent adhesion, chemical resistance, and flexibility make the coatings popular in the automotive, marine, and protective markets. With increasing concerns regarding VOC emissions, solvent-borne solutions continue to be the preferred choice in some conditions, for example, high humidity or harsh environments, where waterborne ones may prove less effective. Their durability and long-standing presence ensure that solvent-borne coatings continue to be a viable product segment.

Powder coatings are important in the market as they are cost-effective, long-lasting, and environmentally friendly. In contrast to liquid finishes, they release minimal VOCs and deliver great finishes with exceptional durability against chipping, corrosion, and fading. This makes them a favorite in industries ranging from appliances, automotive, and construction to metal furniture. The development of industry and manufacturing in Vietnam also favors the use of powder coatings, as businesses look for efficient, sustainable, and durable coatings. Their reusability and low waste formation only add to their popularity amid a trend toward greener technology.

Analysis by Material:

• Acrylic
• Alkyd
• Polyurethane
• Epoxy
• Polyester
• Others

Acrylic coatings are a strong segment in the market, driven by their flexibility, longevity, and affordability. They are commonly used in the country's decorative sector, such as interior and exterior paint, where weather resistance and attractiveness are most important. With Vietnam's fast-paced urbanization and infrastructure development, acrylic coating demand has increased significantly in residential and commercial buildings. Their low VOC formulations are also in line with the nation's growing priority on green products. Acrylic coatings also have very good adhesion and color retention and are therefore a popular choice for both protective and decorative applications.

Alkyd coatings remain relevant in the market, especially in decorative and industrial applications. Appreciated for their shiny finish, toughness, and thinness of application, alkyds are widely applied in wood, metal, and furniture finishes. They continue to be an affordable option where high-performance coatings are not required, particularly in rural and semi-urban markets. But the increased regulatory focus on minimizing VOC emissions has slightly limited their expansion. In spite of this, alkyd coatings continue to have steady demand as a result of their established presence and good performance in protective and decorative areas.

Polyurethane coatings are becoming increasingly significant in the market as a result of their better durability, abrasion resistance, and chemical resistance. These attributes make them very suitable for automotive, industrial, marine, and protective use. With the growing manufacturing base in Vietnam and increasing automotive demand, polyurethane coatings are witnessing increased usage. They are also applied to high-performance decorative coatings where finish durability is needed. While comparatively more expensive than acrylic and alkyd counterparts, their superior quality and resistance to harsh environments make them a first choice in specialty applications, underlining their consistent growth in the competitive marketplace.

Analysis by Application:

• Architectural and Decorative
• Non-Architectural
  • Automotive and Transportation
  • Wood
  • General Industrial
  • Marine
  • Protective
  • Others

Architectural and decorative coating captures a significant share of the market, driven by high-speed urbanization, residential housing construction, and state-sponsored infrastructure development. Decorative coatings find widespread application in interior and exterior surfaces and provide protection, endurance, and aesthetic value. Increased disposable incomes and changing consumer behaviors have also fueled demand for high-end, green, and personalized decorative offerings. Waterborne coatings are the market leaders in this segment owing to their low VOC levels and environmentally friendly nature. As urban infrastructure continues to grow in Vietnam, architectural and decorative coatings will be the biggest and most rapidly growing application segment.

Non-architectural coatings play a vital role in Vietnam's manufacturing and industrial base, serving industries like automotive, marine, protective, and general industrial use. These coatings are meant to offer corrosion, chemical, abrasion, and harsh environmental resistance. With Vietnam establishing itself as a prominent manufacturing center in Asia, high-performance coating demand has increased tremendously. Applications such as automotive manufacturing, shipbuilding, and electronics production are greatly dependent on these specialty coatings to create durability and product life. Increasing usage of polyurethane and powder coatings is a reflection of the industry's tendency towards high-end, long-life, and sustainable non-architectural finishes.

Regional Analysis:

• Northern Vietnam
• Central Vietnam
• Southern Vietnam

Northern Vietnam is an important region in the industry, bolstered by its reputation as an industrial and political center. The availability of Hanoi and adjacent industrial estates has stimulated demand for both architectural and industrial paint coatings, spurred by residential dwelling schemes and growing production facilities. Building infrastructure, including transport and commercial developments, is also increasing the utilization of high-technology coatings. In addition, the region's more humid and cold climate also impacts the demand for strong moisture-resistant coatings. Northern Vietnam remains a strategic growth market, mainly in protective and construction coatings.

Central Vietnam emerges as a prominent player in the market, driven primarily by infrastructure, tourism, and coastal development projects. The high coastline and marine exposures of the region propel demand for protective coatings with excellent corrosion and weather resistance. Urban centers that are emerging, like Da Nang, are experiencing rising real estate development that supports growth in decorative coatings. The emphasis by the government on regional connectivity and industrial parks also bolsters demand for industrial coatings. Central Vietnam's specific climatic conditions and priorities of development make it a significant and specialized part of the national market.

The market in Southern Vietnam is shaped by its status as the nation's economic hub. The Ho Chi Minh City and neighboring provinces are the leaders in construction, real estate, and manufacturing, creating high demand for architectural and non-architectural coatings. The region's high urban growth rate, vast population base, and increasing disposable incomes all further spur the consumption of decorative paints. Furthermore, the high concentration of industrial clusters and export-oriented industries increases the demand for protective and industrial coatings. Southern Vietnam's vibrant economic activity means it is the most dominant region in determining national market development and growth trends.

Competitive Landscape:

The market competition is characterized by a combination of strong domestic players and international players, competing with each other on product innovation, pricing, and distribution channels. Moreover, firms are concentrating on broadening their portfolios with green and high-performance solutions to address increasing demand from the construction, automotive, and industrial segments. Besides this, increased urbanization, complemented by government expenditure on infrastructure, has fueled competition, compelling producers to enhance their supply chain and implement sophisticated technologies. Sustainability has also emerged as a defining characteristic, with waterborne and low-VOC products riding high on popularity. Industry players are also exploiting strategic alliances and domestic production to enhance cost-effectiveness and market penetration. In addition, demand for high-end decorative paints is increasing on account of evolving consumer tastes and rising disposable incomes. According to the Vietnam paints and coatings market forecast, the industry is anticipated to record strong growth in the next decade, driven by growing construction and industrial activities.

The report provides a comprehensive analysis of the competitive landscape in the Vietnam paints and coatings market with detailed profiles of all major companies.

Latest News and Developments:

• August 2025: Smart Vietnam has officially launched a new Liquid Painting Shop, expanding its range of finishing services. This strategic move enhances the company's position as a comprehensive provider of metal fabrication and finishing solutions, offering customers increased choice and flexibility. The introduction of liquid painting addresses specific needs for more precise and versatile finishes, complementing existing powder coating services.
• August 2025: AkzoNobel, in collaboration with the Vietnam Green Building Council (VGBC), hosted the seminar "Sustainable Solutions from Paints & Coatings," highlighting the importance of quality and the origin of materials, emphasizing that sustainable construction relies not only on smart design and renewable energy but also on key materials like paints and coatings. The event concluded with a focus on Vietnam’s construction industry transitioning to green buildings that are resilient to environmental and climate challenges. The collaboration between AkzoNobel and VGBC, with the latter's updated LOTUS criteria, supports businesses and developers in contributing to Vietnam's Net Zero 2050 goal.
• August 2024: PPG upgraded its Yen Phong, Vietnam facility to support the growing consumer electronics sector, adding a new production line for waterborne AQUACRON™ coatings and increasing overall capacity to six lines. The expansion introduces advanced testing equipment and automated spray booths to reduce turnaround times for OEMs, accelerate product development, and offer more sustainable, low-solvent coating options.

Vietnam Paints and Coatings Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Vietnam paints and coatings market from 2019-2033.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Vietnam paints and coatings market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Vietnam paints and coatings industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.