The Fiercest Automotive Segment in Vietnam: A Battle of Brands and Strategies

With almost 20 models, including new launches, upcoming releases, and those already on the market, the urban SUV segment is considered one of the most vibrant yet challenging automotive categories in Vietnam.

Post-Tet Sales Dip

The B/B+ SUV category in Vietnam comprises eight models, including Japanese offerings such as the Mitsubishi Xforce, Toyota Yaris Cross, Toyota Corolla Cross, Honda HR-V, Mazda CX-3, and Mazda CX-30, as well as Korean options like the Hyundai Creta and Kia Seltos. These vehicles have their sales figures publicly disclosed.

In February, three models witnessed a decline in sales, while the other five experienced growth compared to the first month of the year. Despite Mitsubishi Xforce retaining its top position in the segment, its sales slightly dipped to 433 units. Hyundai Creta and Toyota Yaris Cross followed with 303 and 287 units, respectively, also reflecting a decrease from their previous month’s performance.

The growth in sales of Kia Seltos, Toyota Corolla Cross, Honda HR-V, and the Mazda duo of CX-3 and CX-30 was not sufficient to propel the entire segment upward. Compared to the 3,057 units sold in the first month of the year, the overall segment sales dipped by over 16.6% to 2,549 units in February.

This downturn in the segment occurred despite the Vietnamese auto market showing signs of recovery after the Tet holiday. According to the Vietnam Automobile Manufacturers’ Association (VAMA), auto sales in Vietnam reached 21,606 units in February, marking a 14% increase from the previous month and a significant 86% surge compared to the same period last year.

None of the urban SUVs cracked the top 10 best-selling vehicles in Vietnam. The segment leader, Mitsubishi Xforce, trailed behind the Ford Territory (464 units), Hyundai Accent (455 units), and Kia Carnival (451 units).

Mitsubishi Xforce drops out of the top 10 best-selling vehicles in February. Photo: Dan Thanh.

Toyota Yaris Cross, the second best-selling B-segment SUV in Vietnam in 2024, also experienced a challenging sales month. Its sales figure of 287 units reflected a more than 50% decline from its performance in the previous reporting period.

A Challenging Segment

In addition to the eight models mentioned above, the urban SUV segment also includes a range of vehicles powered by gasoline, electricity, or hybrid engines. Last year, pure electric models like the BYD Atto 3 and MG4 EV joined the segment, directly competing with the VinFast VF 6.

Furthermore, Vietnamese consumers have a variety of gasoline and hybrid options, such as the Omoda C5, Haval Jolion, Lynk & Co 06, Peugeot 2008, Nissan Kicks, MG ZS, and Subaru Crosstrek.

The B/B+ SUV segment boasts one of the largest model ranges in Vietnam. Photos: Phúc Hậu, Vĩnh Phúc.

In the coming months, the Geely Coolray will officially enter the Vietnamese market, and there are hints that the Haval M6 may also compete in the B+ SUV segment, although the company has not confirmed this.

The vibrancy of this segment provides Vietnamese consumers with a diverse range of engine types and price points to choose from. On the other hand, with nearly 20 models vying for market share, the B/B+ SUV category has become one of the most challenging segments for automotive brands.

The high level of competition was a key factor behind the price adjustments for several B/B+ SUVs in early 2024. Mitsubishi Xforce, upon its launch, was offered at a reduced starting price of below 600 million VND, prompting competitors like Hyundai Creta and Toyota Yaris Cross to follow suit.

The intense competition in this segment is also believed to have influenced Omoda C5’s decision to delay its market entry to strategize a more suitable pricing plan.

Hyundai Creta underwent a price adjustment earlier last year. Photo: Boi Ha.

Currently, Mitsubishi is offering incentives for the Xforce, including fuel vouchers worth 10-25 million VND depending on the variant, along with 12 free engine oil and oil filter changes. Toyota Yaris Cross buyers are eligible for a 50% reduction in registration fees, equivalent to a savings of 33-38 million VND. Similarly, Honda is offering a 50% discount on registration fees for the HR-V, amounting to approximately 35-43.5 million VND, along with a one-year physical damage insurance policy.

In the Korean camp, Kia is providing discounts ranging from 5-43 million VND for the Seltos, while Hyundai is offering maximum incentives of 75 million VND for the Creta and other Hyundai models manufactured in 2024.

Several brands are offering incentives for B/B+ SUVs in Vietnam. Photo: Thaco.

Omoda C5 purchasers in March can choose between two incentive packages worth 10-25 million VND. BYD is offering cash incentives and a six-year maintenance package for the Atto 3 electric SUV, resulting in a post-discount price range of 728-848 million VND. VinFast has adjusted the price of the VF 6 electric SUV to include the battery following the discontinuation of its battery leasing program. Consequently, the VF 6 is now priced between 689-749 million VND, reflecting a reduction of 21 million VND across all variants.

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