Vietnam. In 2019 the market hit a new all-time record

Vietnamese vehicles market in 2019 signed the new All-time record. Indeed, the full-year ended at 293.563, surging 14.3%. The star of the year was Mitsubishi, booming over 200%, while Toyota widened the gap from the followers, ending at 26.9% of share.

Economic Environment

Vietnamese economy likely continued to markedly outperform most regional peers nonetheless. Strong expansions in manufacturing and services buttressed growth, with trade diversion from China likely aiding manufacturing and surging tourist arrivals and a tight labor market boosting the services sector. Less positively, the mining sector contracted, while the impact of African swine fever continued to restrain the agricultural sector.

The fourth quarter’s reading rounded out a stellar 2019, which saw growth clock 7.0%—likely the fastest reading in ASEAN and exceeding the government’s 6.6–6.8% target. Late last year, the government set a 2020 growth target of 6.8%, a figure slightly above FocusEconomics panelists’ expectations.

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 with 278.352 units sold.

In 2019, according to the Association of local Automotive Importers, the market signed the new All-time record. Indeed, the full-year ended at 293.563, surging 14.3%.

Toyota confirmed its domain of the entire last decade, holding, with Kia, near 40% of the market. However, Kia eroded its share from 31% in 2011 to 13.1%, as the followers – Honda, Ford and Mazda – steadily gained terrain in recent years.

The star of the year was Mitsubishi, booming over 200% and closing at 10.4%.

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