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Strange month of the Vietnamese car market

Cars are in short supply, prices have increased, but sales are still booming

Since the beginning of 2022, a series of car manufacturers have announced to increase the price of their models, including domestically assembled and imported cars. The reason given is due to supply chain disruptions and high component prices, which greatly inflated production costs.

Across the forums, users are constantly complaining about the shortage of cars, increasing prices, selling beer with peanuts, making them angry. However, market reports show that those hurdles are not cooling the market.

Strange month of the Vietnamese car market - Photo 1.

Sales of major car manufacturers in April. Data: VAMA, TC Motor, VinFast.

The Vietnamese car market has indeed recorded impressive numbers in the past April. Specifically, official figures show that more than 51,000 cars have been sold in Vietnam, of which passenger cars alone grew by 18%.

It is understandable that April is the time when users accelerate to buy cars, especially locally assembled cars to “run” with a 50% discount on registration fees, which expire after May 31. This trend is likely to continue this May.

The unexpected “speed up” of Honda City and CR-V

In the past 2 years, although there have been months of entering the ranking of the top 10 best-selling cars in Vietnam, few people think that Honda City can surpass the “big” names in the segment like Toyota Vios or Hyundai. Accent let alone top the best-selling car rankings in the market. Honda’s cars are often priced higher than competitors in the same segment and rarely compare in sales rankings.

However, numbers don’t lie. With sales of 3,013 cars sold, Honda City was the “king of sales” of the Vietnamese auto market in April, far ahead of the second-ranked model, Toyota Vios (2,522 cars).

In addition to City, another Honda model that also “shines” in April is CR-V with 2,093 vehicles, ranking in the top 4 in sales. This is the first time in many years that there are 2 Honda models in the top 5 best-selling cars in the market.

Strange month of the Vietnamese car market - Photo 2.

Honda City and CR-V achieved impressive sales in April.

What is the cause?

According to market savvy people, the Honda City and CR-V benefited quite a bit from the specific market context during this period. Firstly, the two assembled Honda models are almost the only models in the segment that do not experience shortages, price increases or buying beer with peanuts. Even customers who buy Honda City in April still receive a discount of up to 25-30 million, not to mention the bundled accessory package of equivalent value. With Honda CR-V, the reduction is up to hundreds of millions, excluding accessories.

In the context that customers need to find and buy assembled car models early to enjoy the preferential policy of 50% of the registration fee, the available options, with discounts, are clearly the top priority, instead of having to place an order. car but do not know the date of receipt, leading to missing personal plans, or having to pay the difference, buy beer with peanuts to be able to receive the car.

Absences from the top 10

Someone up will have to have someone down. April witnessed the “throne” of Honda and Hyundai suddenly witnessed a great loss in the top 10. Specifically, this brand has only 1 model in the top 10 best-selling, which is Accent. This is something that has rarely happened in the past several months. In the past months, the top 10 best sellers almost by default had 2-3 Hyundai models on the list.

The “absence” of models like Santa Fe or Grand i10 shows that Hyundai has had a less successful month. At this time, Santa Fe and Tucson are experiencing a serious shortage of goods, which partly affects the company’s sales. Meanwhile, Hyundai Grand i10 still has relatively impressive sales, at 1,227 units, but in a month where many other models have exploded in sales, this number is not enough to bring this model into the top 10. A “consolation” for Hyndai is that the B-SUV Creta model achieved sales of 1,054 vehicles in the second month of returning to Vietnam – showing that this could be a model in the next “top racing” group of the Korean brand.

Strange month of the Vietnamese car market - Photo 3.

Hyundai Santa Fe and some models are absent from the April top 10 rankings.

This month’s top 10 rankings also see the absence of another familiar name, the Ford Ranger. In fact, Ranger’s sales are not bad with 1,433 vehicles sold, but as mentioned, the sales boom of many other models makes Ranger sad to be outside the top 10. Anyway in the pickup segment, Ranger still occupies The absolute advantage when the model right behind it is the Mitsubishi Triton with only 155 sales.

The top 10 best-selling cars in April also witnessed the strong dominance of Japanese models (7 cars), only 3 cars came from Korea and one from Vietnam.

New hopes

Although there is a bit of “skewness” in the rankings, in general, this may just be a temporary phenomenon. The “sales king” of the market is difficult to escape from familiar names such as Toyota Vios, Toyota Corolla Cross, Hyundai Accent, VinFast Fadil or Kia Seltos.

However, from the end of 2021 to the beginning of 2022, there were a series of new models launched to the market with high expectations for a spectacular “subversion”. Although no new names have entered the top 10 in recent months, this is a period of unstable supply, which partly makes the sales of models not fully reflect market demand.

Strange month of the Vietnamese car market - Photo 4.

Toyota Veloz Cross is expected to join the group of “race to the top” of sales.

In the past month, a few new models with relatively good sales include Kia Sonet (945 units), Hyundai Creta (1,054 units) or Toyota Veloz Cross (967 units). These models can completely rise to compete for market leaders in the following months. It’s been a long time since the “boom up” of Toyota Corolla Cross or Kia Seltos, the Vietnamese market has not yet witnessed a new name capable of changing the market landscape.

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