Vietnam Security Services Market Outlook to 2030

Vietnam Security Services Market Overview

• The Vietnam Security Services market is valued at USD 101 million, based on a five-year historical analysis. The market's growth is driven by increased demand from commercial, industrial, and residential sectors for robust security services to ensure safety and protection. The expansion of urban areas, combined with heightened concerns over theft, vandalism, and unauthorized access, has led to a growing reliance on security solutions, including manned guarding and electronic surveillance systems. Furthermore, technological advancements such as AI and biometric security systems have also played a significant role in expanding the market.
• Key cities that dominate the Vietnam Security Services market include Hanoi and Ho Chi Minh City. These urban centers have seen rapid industrialization and urbanization, resulting in a higher demand for security services across various sectors. The dominance of these cities is largely attributed to the concentration of commercial and governmental establishments, as well as high-value infrastructure projects that require comprehensive security coverage. The growth of multinational corporations and foreign direct investment in these areas also boosts the demand for private security services.
• The Vietnamese government has been actively promoting public-private partnerships (PPPs) to enhance national security efforts. Through collaborations with private security companies, the government has developed initiatives to safeguard critical infrastructure, such as transportation hubs, public buildings, and industrial zones. In 2024, the Ministry of Public Security expanded its cooperation with private security firms to include more comprehensive surveillance in major urban areas. This collaboration allows for the integration of private security technologies, such as CCTV and biometric systems, with government databases, strengthening the overall security framework.

Vietnam Security Services Market Segmentation

Vietnam's Security Services market can be segmented by service type and by end-users.

• By Service Type: The market is segmented by service type into manned guarding, cash-in-transit services, electronic security services, and monitoring and response services. Manned guarding holds the dominant market share under the service type segment due to its widespread use in industries, residential complexes, and government facilities. The presence of a large workforce in Vietnam, combined with the relatively lower costs of employing security personnel, has driven the demand for these services. The high reliance on physical security to manage entry points and provide on-site protection, especially in high-risk areas, further solidifies the position of manned guarding as a dominant sub-segment.
• By End User: The market is also segmented by end-user into residential, commercial, industrial, and government sectors. The commercial sector dominates the market share within the end-user segment, largely due to the proliferation of businesses, offices, and retail spaces in urban areas like Hanoi and Ho Chi Minh City. With the increasing number of corporate offices, retail chains, and hotels, the demand for sophisticated security solutions has surged. Furthermore, the need for secure premises in financial institutions, including banks and corporate headquarters, reinforces the dominance of the commercial sector in this market.

Vietnam Security Services Market Competitive Landscape

The Vietnam Security Services market is dominated by several major players, both local and international. These companies provide a range of services, including manned guarding, electronic security, and surveillance services. Their strategic presence across urban areas and strong client relationships makes them key contributors to the overall market. The competitive landscape in Vietnam is shaped by a mix of established multinational firms and local service providers that cater to the specific needs of Vietnamese businesses and industries.

Vietnam Security Services Industry Analysis

Market Growth Drivers

• Rising Demand for Corporate Security Services (Driven by Business Expansion): Vietnams rapidly growing economy, with a GDP of $408.81 billion in 2024, has seen a surge in foreign direct investment (FDI). With over $22 billion in FDI inflows in 2023, many multinational corporations are establishing a presence in Vietnam. This business expansion has driven the demand for corporate security services to safeguard physical assets and employees. Large industrial zones like Bc Ninh and Hi Phng have experienced increased security spending as businesses look to protect against theft, vandalism, and industrial espionage. This trend is set to grow as Vietnam becomes an even more attractive hub for manufacturing and logistics operations.
• Increasing Crime Rates (Urban and Industrial Regions): Vietnams crime rate has been steadily increasing, especially in urbanized areas like Ho Chi Minh City and Hanoi. In 2023, the Ministry of Public Security reported over 50,000 criminal cases, with a significant number occurring in high-density urban areas. Industrial regions have also witnessed a rise in crimes such as burglary and property damage, further necessitating enhanced security measures. The rise in theft in manufacturing and warehousing sectors in regions like ng Nai highlights the urgent need for robust security services.
• Technological Integration (Use of AI, Biometrics, and CCTV): The Vietnamese government has been promoting the adoption of advanced technology in security services. In 2024, the market for CCTV, biometric identification, and AI-driven surveillance systems has seen a significant boost, with over 80% of corporate security providers offering tech-based solutions. The governments 2025 Vision initiative focuses on smart city developments, where advanced surveillance systems play a critical role. Security companies are investing in AI-enabled cameras and biometric access controls, improving operational efficiency and enhancing safety measures in public and private spaces.

Market Challenges

• High Operational Costs (Security Infrastructure and Personnel): Security service companies in Vietnam face rising operational costs, driven by the need to invest in advanced technology and skilled labor. With the average monthly salary for a skilled security worker in urban areas reaching $500 in 2024, maintaining a well-trained workforce is expensive. Additionally, the cost of deploying advanced technologies, such as AI surveillance systems and biometric access controls, has increased. Companies have reported operational expenses accounting for up to 40% of their total revenue in 2023, affecting profitability.
• Limited Skilled Workforce (Training Gaps in Specialized Security): The security services industry in Vietnam faces a shortage of skilled workers, particularly in specialized areas such as cybersecurity, VIP protection, and advanced surveillance systems. In 2024, the Ministry of Labor estimated that less than 15% of the workforce in the security sector had undergone formal training for specialized security roles. This skills gap has led to increased pressure on companies to invest in in-house training programs, raising operational costs and limiting the scalability of services.

Vietnam Security Services Market Future Outlook

The Vietnam Security Services market is poised for significant growth in the coming years, driven by rising security concerns, increasing urbanization, and the adoption of advanced technologies. Over the next five years, the market is expected to benefit from continuous government support in regulating and improving security services, as well as the rapid development of industrial zones that require heightened security protocols. Technological advancements such as AI-based surveillance, biometric systems, and IoT-driven security solutions are expected to further accelerate market growth.

Market Opportunities

• Expanding Demand in Residential Security Services (Rising Middle-Class Population): Vietnams middle-class population has been expanding rapidly, with more than 49 million people falling into this income bracket by 2024. This demographic shift has led to increased demand for residential security services, particularly in gated communities and high-rise apartment complexes. Households are increasingly investing in home security systems, CCTV cameras, and security personnel to ensure safety, driving growth in this segment of the security market.
• Growth in Outsourcing Security Services (Corporate Sectors): Vietnamese businesses are increasingly outsourcing their security needs to third-party providers to focus on core operations. In 2024, the corporate outsourcing market for security services is expected to grow as more companies in manufacturing, logistics, and retail sectors shift to managed security services. Companies find it cost-effective and efficient to partner with specialized security firms that offer comprehensive packages, including surveillance, access control, and on-site personnel. The outsourcing trend is particularly strong in industrial zones, where businesses need to comply with strict safety and security regulations.