Vietnam Motor Show 2024: A Showcase of Automobiles Tailored to Market Realities

The Vietnam Auto & Motorcycle Show 2024 taking place in Ho Chi Minh City in October promises to be an occasion for a series of new car models to appear, suitable for the trend of car selection of customers.

After a one-year hiatus, the Vietnam Auto & Motorcycle Show – Vietnam Motor Show (VMS) will officially return to the Saigon Exhibition and Convention Center (SECC) in District 7, Ho Chi Minh City in October.

VMS 2024 will feature many models from famous car brands such as GAC, Honda, Isuzu, Mitsubishi, Skoda, Subaru, Suzuki, Toyota, MG, GAZ and motorcycle brands including Honda, SYM, Yamaha Motor and UM. This time, VMS 2024 will focus on car lines that are most suitable and closest to the trend of car shopping of domestic customers.

Car buying trends in Vietnam

In recent years, the Vietnamese auto market has been showing significant development. The total market sales generally show an upward trend year by year, with sales peaks in 2022.

Annual car sales in Vietnam in the period 2015-2021 tended to increase, with two times reaching over 300,000 cars per year in 2016 and 2019, but exceeded 400,000 cars when 2022 ended. The explosion of car consumption in Vietnam that year also witnessed the rise of Toyota Vios with cumulative sales reaching 23,529 cars. Notably in the list of best-selling cars in Vietnam in the record sales year is also the appearance of Mitsubishi Xpander, a family car in the price range of VND 700 million.

Entering 2023, Mitsubishi Xpander became the king of the Vietnamese market when it sold 19,740 cars, mainly thanks to the optimized usage space and selling price suitable for the payment ability of customers. Also this year, the top 5 best-selling cars in Vietnam witnessed the dominance of cars priced below VND 700 million. Except for Ford Ranger and Mazda CX-5, the remaining names such as Mitsubishi Xpander and Toyota Vios are priced at no more than VND 700 million.

After 7 months of this year, Mitsubishi Xpander along with Ford Ranger and Toyota Vios continue to appear in the group of leading car sales in the whole Vietnamese market. These reasonably priced models are likely to remain in the top 5 best-selling cars in Vietnam at the end of 2024.

Thus, the trend of car buying by Vietnamese people basically focuses on the group of popular cars with a price not higher than VND 700 million. The group of high-end cars with a price of over VND 1 billion or the group of luxury cars with a price of over VND 2 billion is still a dream that is not easy to reach for many people.

Viet Nam buys cheap cars but is not easy

Although the Vietnamese market is still led by models with reasonable prices, the trend of car shopping in our country generally does not favor cheap cars. Vietnamese customers seem to be getting “smarter” before making car buying decisions.

The recession of the A-class car segment is a clear testament to the fact that the lack of living space and equipment technology has made this cheap car group gradually lose its place in Vietnam.

Domestic customers are showing higher requirements for car quality and equipment features, but they are not able to pay a lot of money for this means of transport. Most likely, this is the reason for the trend of choosing popular cars that are a combination of living space, technology and price. The best-selling cars in recent years such as Toyota Vios or Mitsubishi Xpander are typical examples.

This trend is also reflected in the way the models that lead in sales in each segment in the Vietnamese market. In the “hot spot” of urban B-class SUV, Mitsubishi Xforce has quickly become the best-selling model in the segment with some outstanding points in design, equipment and technology, while the selling price is quite competitive compared to competitors, although it has only been on sale since March.

In the B-segment sedan segment, Toyota Vios is also aggressively chasing rival Hyundai Accent after sales exploded in the July report. At the beginning of the year, Toyota Vios was once adjusted in selling price by the manufacturer, a move that was said to help this B-segment sedan increase its competitiveness in the market.

It can be seen that the trend of car buying by Vietnamese people has changed over the years, with the common ground of easy-to-access prices, modern design, and many safety and entertainment technologies.

Commenting on this trend, car expert Duong Dang Quang said that “Vietnamese people are gradually turning to a psychology of consumer hedonism, less of a consumer use. Users will tend to choose the most satisfying products for customers, with many attractive features in terms of both equipment and safety features, but the price must be reasonable to be able to renew quickly without regret.”

Fortunately, there are more and more car models on the market with technologies and features that are no less than luxury cars, but at a reasonable price that suits the budget of the majority of Vietnamese customers. Vietnam Motor Show 2024 brings many such models.

Vietnam Motor Show 2024 – Car exhibition focusing on Vietnamese customers

Vietnam Motor Show 2024 (VMS 2024) this time will focus on mid-range and popular car lines from participating brands. This product group is suitable for the majority of customers in Vietnam, consumers with middle income. Whether from the US, Japan, China or Europe, the products introduced at VMS 2024 are expected to closely follow the trend of car buying by Vietnamese people, thereby helping visitors have more suitable references before making shopping decisions in the future.

In Vietnam as well as many other places in the world, SUVs are still a popular choice thanks to their characteristic versatility. Advantages such as high ground clearance, strong engine, or spacious interior and spacious interior make SUVs suitable for both daily use and long-distance or off-road trips. From here, the SUV group becomes one of the top choices of customers, partly making car manufacturers also have to pay attention and dedicate a large part of their investment resources to the SUV segment.

Meanwhile, cars in the sedan and hatchback segments are rated to meet daily needs well at affordable prices and low operating costs. The elegant and youthful design helps the group of sedans and hatchbacks still maintain a foothold in any market, despite facing great pressure from SUVs.

In addition, electric cars and hybrid cars are also expected to become the focus of attention at the exhibition VMS 2024. At the previous organization, no less car brands chose luxury electric cars as the vedette at the booth, partly showing their seriousness in electrification efforts, on the other hand, taking advantage of the VMS exhibition to show off technology.

Therefore, at VMS 2024 taking place in October, the group of green cars is likely to continue to be promoted by car manufacturers with a similar level of importance. Besides the presence of pure electric cars, hybrid cars of some brands such as Toyota, Suzuki, Honda are also expected to attract attention from visitors, a group of potential customers who are still wondering between green cars and traditional cars.

Also within the framework of the VMS 2024 exhibition, a series of technologies including AI and interaction at the exhibition space are expected to be applied to personalize the customer experience, while creating impressive and eye-catching visual effects when experiencing cars in particular and side activities in general at the exhibition.

In general, the presence of models that meet the practical needs in Vietnam, while being modern and environmentally friendly, shows that VMS 2024 continues to keep its commitment to bring the optimal transportation solution to Vietnamese people.

With a vision towards the future, VMS 2024 will be an exhibition that not only meets current needs but also opens up sustainable development opportunities for the automotive industry in Vietnam.

Organized since 2002, VMS is highly appreciated by professionals as the largest and most attractive exhibition in Vietnam. In the next organization in 2024, VMS is expected to attract more than 200,000 direct visitors during the 5-day exhibition, and attract and reach millions of car enthusiasts on online channels throughout the event.

TH (Tuoitrethudo)