The import value of compressors for refrigerating equipment to Viet Nam has exhibited fluctuating trends between 2013 and 2023, with notable variations in year-on-year growth. From a decline in 2014 to a substantial increase in 2015, followed by another decline in 2017, and a significant drop in 2020, the market has nevertheless shown resilience and recovery. The value stood at USD 158.97 million in 2023, with the latest year-on-year growth of 2.89% and a 5-year CAGR of 3.21%.

Key Observations from 2013-2023:

Noteworthy increases in the years: 2015 (25.87%), 2016 (8.74%), and 2021 (24.33%)
Significant decreases in the years: 2014 (-9.23%), 2017 (-10.27%), and 2020 (-14.2%)

Future Trends to Watch For:

The forecast suggests a steady growth rate with an estimated 5-year CAGR of 2.15% from 2024 to 2028.
By 2028, the market is projected to grow by 11.23% from 2023 levels, indicating a stable demand for refrigerating compressors.
Potential impact of technological advancements and regulatory changes in the refrigeration industry on import dynamics.