Vietnam: 2012 Car Market dropped 26%. Toyota & Kia control 69% of the market.

Vietnam is a small country of 331.000 km2, with a long coastline (over 3.400 km) and very high people density. As number of citizens (91 million) Vietnam is the 14th World’s country. The urbanization is still low (30%) and less than 10% of people are actually living in the three biggest city, Ho Chi Minh City, Hanoi (the capital) and Haiphong.

Vietnamese economy is high centralized, with state-owned enterprises producing around 40% of GDP. In the last years, Vietnamese authorities were committed to economic liberalization and international integration and managed the country across structural reforms to join WTO (January 2007).

Deep poverty is declined significantly (10.6% of population below poverty level in 2010) while Vietnam is working to create jobs to meet the challenge of a labor force that is growing by more than one million people every year. Pro capita revenue at $ 3.300 still is among the worst globally.

During last decade GDP grew at 7% per annum average. The 2008 global financial recession has hurt Vietnam’s export-oriented economy, and the measures taken by the Government to limit trade deficit caused high interest rate an 18.9 inflation rate.

Total light passenger vehicles sold in Vietnam during the 2012 were 70.851, down 26.2% from 2011. The car market trend is reflecting both slower economic trend and low future expectations. Indeed, in 2012 Vietnam’s economic growth at 5.1% was the lowest in thirteen years, while inflation rate was still high, at 7.5%, remaining a concern.

The World Bank has forecast Vietnam’s economy to pick up in 2013 to 5.5%, on par with a government target. However, reading the message that the car industry is delivering, the risk for a weaker economic trend is high, with low internal demand.

The car market traditionally is concentrated in two producers, Toyota and Kia (Hyundai is not imported yet). However in the 2012 they have further improved their combined share, now at 69.1% from 64.1% in the 2011.

Looking at the best brand performance:

Toyota in 2012 kept the leadership, selling 24.927 vehicles, 926 more than the Korean rival, obtaining a share of 35.2%, up 4.2 points from last year. In the fourth quarter 2012 share was at 38.3%.

Kia had lost the leadership, outpaced by Toyota and losing more than 7.000 units from last year. Sales were 24.001 with a share of 33.9%, up 0.8 points of share from the previous year. However, last quarter share dropped at 29.6%.

Chevrolet was third with 5.613 sales and a share of 7.9%, down 2.9 points from the previous month. In Q4 share was down at 6.7%.

Ford was 4th with 4.790 units and a share of 6.8%, down 2.3 points from last year. Ford performance was penalized by a very slow start, with Q1 share at 2.7%.

Suzuki was 5th with 3.409 sales and a share of 4.8%, up 0.3 points from last year.

In the table below, the top 10 brand, ordered by 2012 ranking:

Rank

Brand

Q4

2.012

2.011

Q1

Q2

Q3

Q4

2.012

1

Toyota

8.672

24.927

31,0%

35,8%

32,8%

32,9%

38,3%

35,2%

2

Kia

6.701

24.001

33,1%

38,5%

35,3%

34,2%

29,6%

33,9%

3

Chevrolet

1.513

5.613

10,8%

9,4%

8,7%

7,6%

6,7%

7,9%

4

Ford

1.820

4.790

9,1%

2,7%

7,5%

7,8%

8,0%

6,8%

5

Suzuki

979

3.409

4,5%

5,8%

4,0%

5,4%

4,3%

4,8%

6

Mercedes

542

1.929

2,1%

1,8%

3,3%

3,3%

2,4%

2,7%

7

Honda

959

1.804

2,7%

0,8%

2,1%

2,2%

4,2%

2,5%

8

Mitsubishi

651

1.595

2,3%

1,2%

2,5%

2,0%

2,9%

2,3%

9

Isuzu

441

1.217

1,7%

1,1%

2,0%

1,6%

1,9%

1,7%

10

Hino

194

632

0,9%

1,0%

0,9%

0,9%

0,9%

0,9%

As far as the Top Models, obviously Toyota and Kia are leading the ranking.

Toyota in 2012 kept the podium of for itself. The top model in Vietnam last year was the Toyota Fortuner with 6.129 sales and a share of 8.7%, up 2.7 points from 2011. The Corolla was second with 4.579 sales and 6.5% of share, down 0.1 points from the previous year and the Innova was third with 4.233 sales and 6.0%, down 0.3 points from 2011.

In fourth place again a Toyota, the Vios, with 4.207 units, followed by the Kia Morning, with 3.469 sales, the leader in the 2011.

Toyota Camry was 6th with 3.146 sales, followed by the Chevrolet Spark with 2.345 sales, Kia Forte with 2.098, Toyota Hilux in 1.229 and, in 10th place, Kia Carens with 11.71 units.

In the table below, the Top 25 models, ranked for 2012 position:

Rank 2012

Rank 2011

Model

Q4

2.012

2.011

Q1

Q2

Q3

Q4

2.012

1

4

Toyota Fortuner

2.182

6.129

6,0%

8,7%

7,7%

8,2%

9,6%

8,7%

2

2

Toyota Corolla Altis

1.489

4.579

6,6%

8,0%

5,3%

6,1%

6,6%

6,5%

3

3

Toyota Innova

1.521

4.233

6,3%

5,9%

5,4%

5,6%

6,7%

6,0%

4

5

Toyota Vios

1.259

4.207

5,6%

7,0%

5,9%

5,6%

5,6%

5,9%

5

1

Kia Morning

989

3.469

7,4%

5,5%

5,1%

4,9%

4,4%

4,9%

6

10

Toyota Camry

1.300

3.146

2,9%

4,4%

3,1%

4,0%

5,7%

4,4%

7

6

Chevrolet Spark

629

2.345

3,7%

4,5%

3,0%

3,2%

2,8%

3,3%

8

7

Kia Forte/Koup

678

2.098

3,6%

3,4%

2,2%

3,2%

3,0%

3,0%

9

16

Toyota Hilux

433

1.229

1,3%

1,8%

1,6%

1,6%

1,9%

1,7%

10

8

Kia Carens

323

1.171

3,2%

2,4%

1,3%

1,6%

1,4%

1,7%

11

9

Chevrolet Cruze

317

1.158

3,1%

2,5%

1,5%

1,4%

1,4%

1,6%

12

23

Honda CR-V

597

1.010

1,0%

0,4%

0,8%

1,3%

2,6%

1,4%

13

11

Ford Everest

307

931

2,2%

1,1%

1,2%

1,5%

1,4%

1,3%

14

13

Ford Fiesta

292

915

1,9%

0,9%

1,2%

1,7%

1,3%

1,3%

15

14

Ford Focus

344

884

1,8%

0,7%

1,2%

1,4%

1,5%

1,2%

16

12

Chevrolet Lacetti

203

822

1,9%

2,0%

1,2%

0,8%

0,9%

1,2%

17

15

Honda Civic

318

754

1,6%

0,6%

1,1%

0,9%

1,4%

1,1%

18

18

Toyota Yaris

324

742

1,1%

0,6%

0,9%

1,1%

1,4%

1,0%

19

30

Chevrolet Aveo

199

729

0,0%

1,5%

0,8%

1,0%

0,9%

1,0%

20

31

Kia Sorento

241

645

0,0%

0,6%

1,0%

0,8%

1,1%

0,9%

21

17

Ford Ranger

303

635

1,2%

0,6%

0,5%

0,9%

1,3%

0,9%

22

22

Ford Escape

209

540

1,0%

0,0%

0,4%

1,5%

0,9%

0,8%

23

27

Mitsubishi Pajero Sport

192

537

0,4%

0,3%

0,7%

1,0%

0,8%

0,8%

24

29

Kia Picanto

144

496

0,0%

0,5%

1,0%

0,7%

0,6%

0,7%

25

24

Mitsubishi Triton

208

484

0,8%

0,3%

0,6%

0,8%

0,9%

0,7%

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