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Many new car models have been launched recently, especially B-class sedans.

Mitsubishi Motors Vietnam on February 22 introduced Mitsubishi Attrage 2021. New Attrage CVT Premium 2021 version is said to have notable upgrades, priced at VND485 million. The manufacturer has committed to prop up 50 percent of registration tax, worth VND24 million applied until the end of February.

Prior to that, on December 9, 2020, Honda City 2021, described as a ‘miniature’ Honda Accord, was introduced with a lot of changes in design and equipment. Honda City 2021, with three versions, assembled and distributed in Vietnam, have prices between VND529 million and VND599 million.

Also in December, Hyundai Accent 2021 version with a slight update was introduced to consumers with prices nearly the same as the previous version, between VND426.1 million and VND542.1 million.

However, since the launch, both Hyundai Accent 2021 and Honda City have been in short supply.

Other market segments have also warmed up with new models launched. The MG ZS upgrade model has been available in the market since mid-January with two versions – ZS Com+ and Lux+ – with retail prices of VND569 million and VND619 million, respectively.

In the high-end market segment, Volkswagen Tiguan, Toyota Alphard, Lexus IS and BMW 750Li have been brought to Vietnam. Meanwhile, Ford Everest Sport 2021, MG ZS STD 2021, Isuzu D-Max, Mercedes E-Class, Toyota Camry 2021 and Honda BR-V 2021 will be introduced soon.

Analysts say that automobile manufacturers and distributors decided to market new models despite the third Covid-19 outbreak, showing their optimism about market demand.

Car dealers believe that the market situation will not be good in Q1 and sales may decrease sharply as seen in April 2020.

Quang Huy, the business director of a car sale agent in Hanoi, said slow sales are commonly seen now.

“I think sales will drop dramatically as they did in April 2020 (- 44 percent) and the car prices will also decrease. The market will only get warmer in April or May, when transport firms return to make purchases,” he said.

The Vietnam Automobile Manufacturer Association (VAMA) reported that 26,432 cars were sold in January 2021.

The Vietnamese car market performance was a surprise to analysts as it was lackluster in the first months and unexpectedly bounced back in the last months with sales in December jumping by 45 percent compared with December 2019.

Chi Bao

VinFast announced it has successfully developed three smart SUV electric cars

VinFast, the 100 percent Vietnamese-owned automobile manufacturer, announced it has successfully developed three smart SUV electric cars VF31, VF32 and VF33, having a self-propelling feature and using AI.

The manufacturer plans to begin taking orders for VF31 standard version from May 2021 and deliver in November 2021. As for VF32 and VF33, it will begin taking orders from September and deliver from February 2022.

The Vietnamese electric car market, which began developing several years ago, is expected to warm up in the time to come with the presence of VinFast.

Agencies report that car demand in Vietnam is increasing rapidly, and is expected to reach 800,000 cars per annum by 2025 and 1 million cars per annum by 2030.

The rapid increase in the number of cars will lead to a high volume of emissions which will pollute the environment. Electric cars will be a good solution, especially in large crowded cities.

Three years ago, Mitsubishi Vietnam launched two models – iMIEV and Outlander PHEV. The former used 100 percent electricity, while the latter was a hybrid, using both petrol and electricity. With a full battery, the car could run 60 kilometers.

However, they didn’t sell well.

Porsche Vietnam in October 2020 distributed the electric Taycan model with three versions – Taycan 4S, Turbo and Turbo S. However, only two products were brought to Vietnam and shown at the product introduction ceremony.

Fuso, a brand of German Diamler, once had a plan to bring electric vans to Vietnam in 2019, but that has not occurred.

A survey by Frost & Sullivan, in Southeast Asia, including Indonesia, Thailand, Malaysia, Vietnam and the Philippines, high prices are not the reason behind the modest sales of electric cars. The problem is that consumers have worries about the way the vehicles operate and about infrastructure quality.

Manufacturers say that electric cars are 27 percent more expensive than petrol-run cars, but their operation cost is 25 percent lower. It is estimated that the total amount of money spent on one electric car is equal to one petrol-run car after five years of operation. So, electric cars are affordable for many people.

Nguyen Minh Dong, an automobile expert, said the biggest disadvantage of electric cars is that they cannot go far. The best models go 400 kilometers at maximum. Meanwhile, it takes a long time to recharge cars.

One of the most important components of electric cars is the energy storage unit. All the electric cars now available use Lithium technology. However, the energy storage capacity of these batteries is believed to be critical. If manufacturers want to improve the energy storage capacity of the batteries, the weight of the batteries will be higher, which leads to high costs and poor performance.

In general, the current battery technology cannot satisfy the requirements on travel distance and cost optimization. And the currently used liquid batteries pose high risks of explosion and fire.

Agencies report that car demand in Vietnam is increasing rapidly, and is expected to reach 800,000 cars per annum by 2025 and 1 million cars per annum by 2030.

To successfully commercialize electric cars, it is necessary to improve the energy storage capacity to allow longer travel distance after each recharge and shorter recharging times.

The second problem lies in infrastructure conditions. There should be many fast recharging stations everywhere. But this has not occurred. Electric cars remain uncommon and are just considered vehicles that serve short-distance travel.

However, what concerned him was the poor infrastructure conditions in Vietnam and the lack of recharging stations. Finally, he gave up his intention to distribute electric cars.

He said that Tesla 3 can travel up to 300 kilometers, which is the distance from Hanoi to Vinh City. If drivers stop to recharge the car at a café or restaurant on the way, they will have to wait too long.

Automobile manufacturers can see the problem and they have tried to develop infrastructure. VinFast is joining forces with petrol retailers and some large cities to develop networks of recharging stations.

The stations would be set up at parking lots, convenience stores, basements of apartment buildings, schools, dormitories and filling stations. Drivers would just need to spend 15-30 minutes to recharge their cars.

Porsche Vietnam, before importing Taycan to distribute in Vietnam, built two fast recharging stations in Hanoi and HCM City, which recharged 80 percent of battery capacity within 22.5 minutes.

Tran Thuy

One report said that 420,000 cars of different kinds were sold in 2020, including 400,000 cars with 16 seats or less, the same as 2019.

Vietnam’s car market did not grow in 2020, but did not decrease by 15 percent as previously predicted by VAMA.

Car sales dropped sharply in the first half of 2020 when the Covid-19 pandemic broke out. However, the sales went better in the last months of the year thanks to effective control of the pandemic, a 50 percent vehicle registration tax reduction policy, and car price decreases.

While some enterprises reported minus growth rates, others still had positive growth rates. VinFast, a newcomer, with 30,000 cars sold in 2020, has successfully taken away market share once held by other manufacturers.

SSI has estimated that the automobile market will see a growth rate of 16.3 percent in 2021 as car demand continues to be high. The figure may be 3 percent higher if the Covid-19 pandemic is contained.

According to Vietnam Register (VR), there are 34 cars per 1,000 people in Vietnam. The figure is relatively low compared with other regional countries and the world.

With average income increasing, cars will turn from a luxury good to a more common consumer good and the market size will increase, offering an opportunity to develop the automobile industry.

According to Vietnam Register (VR), there are 34 cars per 1,000 people in Vietnam. The figure is relatively low compared with other regional countries and the world.

Businesses believe that B-class sedans will serve as the mainstay to promote the development of the industry. The sales of B-class sedans lead the market with more than 60,000 cars sold in 2020.

Despite difficulties caused by Covid-19 in 2020, the market segment still obtained growth. Toyota Vietnam reported that 30,000 Vios were sold, an increase of 3,000 compared with 2019. The figure was 20,000 for Hyundai Accent, an increase of 2,000.

B-class sedans always have better sales than A-class despite higher prices.

The common characteristics of these products are modern design and features to ensure safety that A-class cars don’t have. The interior is better equipped, the engine is stronger and they run well in urban areas.

Customers have many options for B-class sedans with the price of VND600 million or less. Toyota Vios, Hyundai Accent and Honda City are the best known models.

Toyota Vios remains the bestseller and in the first position. Analysts believe that the model will continue to be the manufacturer’s key product in the next few years.

The latest versions of Hyundai Accent and Honda City have been launched with new features and new technologies.

Automobile manufacturers have also stepped up the assembling of SUV and A-class cars as market expansion has helpef increase the output.

A-class VinFast Fadil is an emerging influence with 18,106 cars sold in 2020. Analysts have predicted strong growth of this product line in the future.

The Ministry of Planning and Investment believes the automobile industry can only develop when there is a large market and this must be reserved for domestic manufacturers rather than imported products.

The ministry said the aim is to develop a healthy automobile market, maintain and step up production and assembling of cars domestically, and develop supporting industries.

There needs to be a large enough market for domestic automobile manufacturers, and at the same time, better infrastructure for car use.

Government agencies are considering the possibility of offering a preferential luxury tax for domestically made cars which would help boost car sales thanks to the price drop.

If so, B-class sedan models are expected to become cheaper and have higher localization ratios, becoming a growth engine for the development of the automobile industry.

Tran Thuy