Hyundai Motor Company has set out to recapture the top spot in the Vietnamese automobile market by breaking through competition with Japanese and American finished car brands. According to the Vietnam Automobile Manufacturers Association ( VAMA
) and the industry on the 21st, Hyundai Motor sold 22,903 units스포츠토토 in Vietnam between January and May of this year. It ranks first in Japan, ahead of Toyota (21,547 units). Ford of the United States (14,302 units) is third, followed closely by Kia (13,951 units). In 2017, Hyundai Motor Company started local production by establishing a production joint venture ‘ HTMV’ in Ninh Binh Province with Vietnam’s Thanh Cong Group. Since then, from 2019 to 2021, two years after the launch of HTMV, it has achieved No. 1 in car sales, beating Toyota, which was a’traditional feeling’, for three consecutive years . Last year, it also broke the record for the highest number of sales, but fell behind Toyota in the rankings. Then, this year, it is aiming to return to the throne again with popular models such as Accent, Creta, and Santa Fe. In particular, the Accent is a compact car that has been steadily loved since its first introduction in 2018, and 22,645 units have been sold so far. Hyundai Motor Company plans to launch additional new sports utility vehicles ( SUVs ) and multi-purpose vehicles ( MPVs ) in the future, and to produce the electric car Ioniq 5 locally from next month. Hyundai Motor Company also expanded its annual production capacity to 107,000 units by building the second HTMV plant at the end of last year.
A Hyundai Motor official said, “We will be able to take the lead in sales competition by securing price competitiveness through local production.”
Kia also ranked 3rd in sales last year and is growing its presence there. In particular, in 2020, when demand plummeted due to Corona, sales increased by 30%, surprising the industry. Kia’s main models are Sonnet, Carnival, Sportage, and Seltos.
Vietnam’s automobile market is the fourth largest in Southeast Asia after Thailand, Indonesia and Malaysia. The total number of units sold from January to May of this year was 113,527 units, down 35.7% from the same period last year.
However, as the Vietnamese government recently approved a 50% reduction in registration tax, demand that had been suppressed, such as high car loan interest rates, is showing signs of bursting out. The registration tax reduction measures will be implemented from next month to the end of the year.
The perspective of global automakers looking at Vietnam has also changed. At the end of last year, German BMW decided to cooperate with a local manufacturer for consignment production, and Ford significantly increased its annual production from 14,000 units to 40,000 units through investment in an assembly plant. In addition, KG Mobility (formerly known as Ssangyong Motor) signed an assembly and sales contract with a local company to introduce Tivoli and others to the local market starting next year.