Vietnam 2018. Honda booms in a market up 11.1%

Vietnamese vehicles market grew 11.1% in 2018 reaching the second highest volume in history, ending the year with 278.352 units sold. Toyota is again the market leader – with 23.4% of market share – while Honda scored an impressive performance, gaining the 4th place.

Economic Environment

Vietnamese economy recorded its strongest annual expansion in a decade in 2018, rounded off by a surge in growth in the final quarter. A stellar performance from the services sector and brisk industry and construction activity powered the Q4 GDP print, while agricultural output also picked up. The manufacturing subsector was a star performer in Q4, and in 2018 overall, while flourishing tourism was also a key driver of growth. Momentum in the industrial sector should spill over into Q1 as seen by companies’ upbeat business confidence

The outlook for 2019 remains bright, although growth is expected to slow from 2018’s robust showing. FDI inflows are expected to support export-oriented sectors and fortify Vietnam’s expanding role as a manufacturing hub in the region. Greater economic integration should also buoy the external sector and bring a fresh wave of FDI inflows.

Market Trend

Vietnamese vehicles market have scored an impressive series of all time record ending the 2016 at 286.845 (including HCVs) units more than the double compared with the 2012. According to data released by VAMA, the local Association of Car Manufacturers, in the 2017 the market scored the first break after years with total vehicles sales at 250.615 units, down 12.6%.

In the 2018 the total vehicles market trend improved. Indeed, having ended the first part of the year with a stable trend, sales sharply increased during the second half, leading registrations to close at 278.352. Moreover, this is the largest annual volume in history, after the 2016, ending with a year-on-year gain of 11.1%.

At brand-wise, the 2018 market leader is Toyota sold 65.164 vehicles (+9.8%), with 23.4% of market share, followed by Kia with 42.205 sales (+4.2%) and Mazda with 32.726 (+25.8%).

The 2018 best-selling model is the Toyota Vios with 27.188 sales, followed by the Toyota Innova with 14.588 (+21.6%) and the Mazda3 sedan with 13.446 (+26.4%). In fourth place, the Mazda CX-5 with 12.243 units (+36%) is ahead of the Kia Cerato with 11.678 (+106.7%).

Research, Consulting, Data & Forecast

F2M covers intensively this market with several products developed to help any investigation required. Market Researches in PDF are immediately available for download with study on the market since 2005 and with forecast up to the 2025. Auto Data in EXCEL are immediately downloadable with annual sales volume, split by month, for all brands and all models distributed in the market. This year data are released year to date, but you will receive a monthly update until the year-end. All these and more within Vietnam Corner Store.