Vietnam's elevator and escalator market is projected to reach USD 438.68 million by 2029, growing at a compound annual growth rate (CAGR) of 3.26% between 2023 and 2029, according to a report by BlueWeave Consulting. This growth is driven by rapid urbanization in major cities like Ho Chi Minh City and Hanoi, and the increase in infrastructure projects nationwide.
Along with this, the trend of digital transformation and increasing demands for safety and hygiene post-Covid-19 have significantly changed the market. Smart elevators integrated with IoT, touch controls, real-time monitoring, regenerative motors, and LED lights have become the preferred choice, accounting for about 40% of new orders in 2024.
Recognizing the market potential, Hoang Sa Viet signed a strategic partnership with Nidec Elevator (Japan) at the end of 2023. The company representative said the transfer of Japanese elevator production technology marks an important milestone for the company to expand its market.
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Representatives of Hoang Sa Viet at the Nidec Elevator partnership signing ceremony. Photo: Hoang Sa Viet |
Representatives of Hoang Sa Viet at the Nidec Elevator partnership signing ceremony. Photo: Hoang Sa Viet
A highlight of the transferred technology is the Formula Systems. The 3D spatial sensor system enhances the three layers of protection according to new US standards.
Hoang Sa Viet Elevator Company (part of Hoang Sa Viet Group) was established in 2012, specializing in elevators, mechanics, and construction. The CEO of Hoang Sa Viet said the cooperation is a major turning point, affirming the company's more than 10 years of effort in investing, developing, and enhancing electromechanical technology. "We are committed to continuing to innovate, research, and develop further, bringing high-quality products and services to fully meet the needs of high-rise projects, apartments, commercial centers, and family homes," he emphasized.
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Elevator operation technology showcased at the Interlift trade fair in Germany in 2022. Photo: Hoang Sa Viet |
Elevator operation technology showcased at the Interlift trade fair in Germany in 2022. Photo: Hoang Sa Viet
After the technology transfer from Nidec Elevator, Hoang Sa Viet increased its sales by over 50% from 2023 to Quarter I/2025. To date, the company has become a pioneer in the production of elevator equipment and components in the Vietnamese market.
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Exterior of the company's factory in Tan Nhut commune, Ho Chi Minh City. Photo: Hoang Sa Viet |
Exterior of the company's factory in Tan Nhut commune, Ho Chi Minh City. Photo: Hoang Sa Viet
Nidec Corporation was founded in 1973 in Kyoto, Japan, by Shigenobu Nagamori. After more than 50 years of development, Nidec is now a global leader in motor manufacturing, present on every continent with over 106,000 employees.
Since 1998, Nidec Corporation has invested nearly USD 800 million in Ho Chi Minh City in the production of precision motors, automotive components, motors for mobile and digital devices. The continued expansion of cooperation with Vietnamese businesses in the elevator sector is seen as a strategic step, opening up opportunities for deeper technology transfer to the domestic market.
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The company's staff. Photo: Hoang Sa Viet |
The company's staff. Photo: Hoang Sa Viet
Nidec Elevator currently provides elevator motor solutions, including gearless and geared traction machines, motor generator sets, AC/DC automatic control boxes, cabin guide rails, and new-generation elevator safety sensors. Hoang Sa Viet, as a partner in Vietnam, expects to be a bridge to bring high technology closer to users, contributing to the modernization of the vertical transportation industry in the country.
Thai Anh
Contact information for Hoang Sa Viet Elevator Company:
: Southern Region: 184/20A Le Dinh Can Street, Tan Tao Ward, Ho Chi Minh City
: Northern Region: 229 Van Tri Street, Phuc Thinh Commune, Hanoi
: Hotline: 0707025789
: Email: hungpham@hoangsaviet.com
: Website: www.thangmaynidec.vn
