The Vietnamese market in 2022
- The Vietnamese automotive market remained at a very low level for a long time, around 50,000 vehicles per year, all imported. The start of the Vietnamese market really began in 2013 and its growth has only intensified since then, reaching 200,000 in 2016, 250,000 in 2019 and 300,000 in 2022. We are therefore witnessing a real market in creation, as China from 2005, which tends to show that a middle class able to buy a car is emerging in Vietnam.
- It is in this context that assembly plants (CKD) began to multiply in Vietnam in the 2010s, which makes it possible to assert that today 70% of vehicles registered in this country come from local factories, while only 30% comes from imports.
- In 2019, local conglomerate Vingroup built a Vinfast car factory in Haiphong. It is the first automobile factory developed by a Vietnamese company. But Vinfast models are sold in low quantities today (less than 5% market share in 2022).
- The main brands sold in Vietnam are Japanese. Toyota, Mazda, Mitsubishi, Honda and Suzuki represent 71% of the Vietnamese market in 2022. The Koreans Hyundai and Kia represent 21% of the Vietnamese market. The Japanese and Koreans therefore represent 92% of this market. The Nissan brand stopped selling cars in Vietnam in 2020. The GM group stopped its distribution in 2018, but Ford continues with 4% of the market in 2022. Stellantis also holds 4% of the Vietnamese market, via the Peugeot brand. It is to be noted that Chinese brands are currently absent from this market.