Vietnam. Toyota containing losses thanks to the Vios, in market down 22.7%

Vietnamese vehicles market

Vietnamese vehicles market started at an awful pace in January, while bouncing back up in February. However, year-to-date figures in February are down 22.7% at 31.929 units. The market dominator Toyota contains the losses thanks to an outstanding performance in February (+103.6%).

Economic Environment

Vietnamese economic data so far in 2020 has been mixed, after strong expansions in manufacturing and services drove stellar growth in the final quarter of last year. In January, retail sales were up 10% year-on-year, boding well for domestic demand, while tourist arrivals and FDI surged.

However, the agricultural sector continued to feel the effects of African swine fever, with the pig herd down by a quarter, while exports declined sharply, likely in part due to the coronavirus outbreak. The impact of the virus is likely to become even more apparent in the remainder of Q1, as demand from China drops off and supply chains are disrupted.

 

Market Trend

Vietnamese vehicles market has scored an impressive series of all time records ending the 2016 at 286.845 (including HCVs) units more than the double compared with the 2012. However, in the 2017 the market scored the first break after years with total vehicles sales at 250.616 units, down 12.6%. In 2018, the market started immediately to recover, signing an 11.1% growth, while in 2019 it marked the new All-time record at 293.563 units, surging 14.3%.

In 2020, according to the Association of local Automotive Importers, registrations started at an awful pace in January, while bouncing back up in February. However, year-to-date figures in February are down 22.7% at 31.929 units.

Toyota – which during the last decade has lost near 7 points of share – is still the market dominator, containing the losses thanks to an outstanding performance in February. Indeed, the second position (with almost half of the leader’s sales) is taken by Kia, holding 13.8% of market share.

Large losses are registered by Mazda, Honda and Ford, all declining over 40% from the previous year, while Suzuki hits an outstanding +44.6%.

Service Solutions

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Rank 2020Rank 2019BrandSales YTD 2020+/- YTD 2020Sales February+/- FebruaryShare YTD 2020Share February
11Toyota8.605-13,1%4.682103,6%27,0%30,2%
24Kia4.411-16,7%2.14317,6%13,8%13,8%
32Mazda3.534-48,4%1663-2,2%11,1%10,7%
43Honda3.322-44,4%1.407-13,4%10,4%9,1%
56Mitsubishi3.2227,8%1.552269,5%10,1%10,0%
65Ford2.858-42,8%1.372-14,1%9,0%8,8%
77Suzuki1.92644,6%1.127303,9%6,0%7,3%
88Peugeot9350,0%2760,0%2,9%1,8%
99Mercedes764-8,1%38244,2%2,4%2,5%
1012Isuzu719119,9%4501775,0%2,3%2,9%
1114Lexus632102,6%50138,1%2,0%0,3%
1210Hyundai384-46,8%18028,6%1,2%1,2%
1313Nissan276-14,6%689,7%0,9%0,4%
1411Chevrolet169-56,9%80-21,6%0,5%0,5%

Rank 2020Rank 2019BrandSales YTD 2020+/- YTD 2020Sales February+/- FebruaryShare YTD 2020Share February
11Toyota Group9.369-9,40%4.800100,90%29,30%30,90%
23Hyundai-Kia4.795-20,30%2.32318,30%15,00%15,00%
32Mazda3.534-48,40%1.663-2,20%11,10%10,70%
46Renault Nissan Alliance3.4985,60%1.620236,10%11,00%10,40%
54Honda Motor3.322-44,40%1.407-13,40%10,40%9,10%
65Ford Group2.858-42,80%1.372-14,10%9,00%8,80%
77Suzuki1.92644,60%1.127303,90%6,00%7,30%
88P.S.A.9350,00%2760,00%2,90%1,80%
99Mercedes Daimler764-8,10%38244,20%2,40%2,50%
1011Isuzu Motors719119,90%4501775,00%2,25%2,90%

Rank 2020Rank 2019ModelSales YTD 2020+/- YTD 2020February sales+/- February
13Toyota Vios4.06654,8%2468288,1%
211Mitsubishi Xpander2.18067,7%102170,2%
34Mazda3 sedan1.586-38,3%72818,4%
49Toyota Fortuner1.218-23,8%5288,2%
56Kia Cerato1.124-47,5%521-2,8%
666Kia Soluto1.123518
75Ford Ranger1.039-51,5%536-10,1%
88Honda City1.033-39,2%453-26,2%
910Toyota Innova1.018-34,2%61329,3%
101Honda CR-V937-75,2%388-59,6%

(2031)

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