Oil base paint is a better choice. If you plan on painting the cabinets yourself you will have to use paint, lacquer is spray only (no brushing).
* The pigmented lacquer dries very fast but cheap lacquer can be easily damaged by water.
* Cheap lacquer is a soft finish, easily scratched.
* Can dissolve the existing finish causing bubbling.
* Very strong solvent smell, lots of VOC's.
* Spray only, no brushing.
Oil Base Paint
* Oil base paint will cure to a hard finish that can take more abuse. Takes 30 days for a full cure.
* Easily damaged before a good cure. Depends on quality.
* User friendly application.
* Oil base paint smell will last for a few days.