With just over two months until the 2026 Lunar New Year, electronics retailers are racing against time to clear massive inventories of outdated stock from previous years.
Deep Discounts Fail to Attract Buyers
Major retailers report that since mid-2024, electronics sales have remained sluggish as consumers tighten spending amid economic challenges. Many TVs, refrigerators, washing machines, and air conditioners from 2023 and 2024—and even some from 2022—remain unsold.
A representative from a Ho Chi Minh City electronics chain revealed that current inventory levels are 1.5 to 2 times higher than last year. The pre-Tet season is the last chance to offload old models before manufacturers launch new lines in early 2026. Failure to clear stock will exacerbate inventory pressure and strain cash flow.
Since early November 2025, major retailers like Dien May Xanh, Nguyen Kim, Cho Lon, Gia Thanh, and FPT Shop have slashed prices by 30-60%, offering Tet gifts, vouchers, free installation, and 0% installment plans.
Reporters noted that TVs saw the steepest discounts, with 55-65 inch models dropping by 8-12 million VND. Air conditioners, facing weak demand, were discounted by 40-50%. Washing machines, particularly 9.5-10.5 kg models, now cost just 7-10 million VND. Some items, especially older models, were marked down by up to 70%.
Hoang Huu Toan, a sales manager at a Ho Chi Minh City electronics store, emphasized that while many products are older models, they feature advanced technologies comparable to newer versions. Savvy shoppers can find high-quality items at bargain prices.
Doan Minh Tuan, a sales executive at another store, stressed that only truly attractive deals will motivate buyers. To clear inventory, retailers are accepting razor-thin profit margins.
Despite aggressive promotions and the year-end shopping season, sales remain lackluster. The market is burdened with 1.5 million air conditioners, over 1 million TVs, nearly 1 million refrigerators, and at least 400,000 washing machines in unsold inventory.
Abundant electronics inventory and deep discounts have yet to spark optimism among retailers for the Tet season.
Shifting Business Strategies
FPT Shop’s electronics division predicts weak year-end sales due to natural disasters dampening purchasing power and consumer sentiment. Prices are expected to dip slightly during Tet to stimulate demand.
Vu Dang Linh, CEO of The Gioi Di Dong, noted that sales of lower-priced electronics have stagnated or declined, while high-end AI-integrated products are thriving. For instance, consumers are shifting from affordable large-screen TVs (14-15 million VND) to premium models (40-50 million VND). “We’re halting new Dien May Xanh store openings, focusing instead on after-sales service, installment plans, and deferred payment options to boost sales,” Linh said.
Retailers acknowledge that the electronics market has reached saturation, with consumer behavior shifting significantly. Unlike previous years, when year-end bonuses drove sales, shoppers now make purchases sporadically, primarily during promotions. “Without discounts, there are no customers, so we run promotions year-round. This Tet, we’re banking on high-end upgrades for household devices,” a retailer shared.
Nguyen Lac Huy of CellphoneS suggested that year-end and Tet sales hinge on seamless online shopping experiences, swift delivery, efficient installation, and cost optimization for competitive pricing.
Nguyen Thi Kim Van, Marketing Director at Di Dong Viet, recommended focusing Tet sales on high-utility giftable items like slow cookers, air fryers, multi-function kettles, and small appliances. Di Dong Viet is preparing exclusive Tet combos with fast delivery, premium packaging, and extended warranties to meet holiday demand.
