Vietnam Suzuki Corporation (Vietnam)

The subject is a member of the Vietnam Automobile Manufacturers' Association (VAMA) and the Vietnam Association of Motorcycle Manufacturers (VAMM). The company specializes in manufacturing, assembling, and trading motorcycles, motorbikes, trucks, and passenger cars. Its automobile models include Carry Blind Van, Carry Truck, Super Carry Pro, Carry Pro CKD, Ertiga 5MT Euro 5, Ertiga 4AT Euro 5, Ertiga Hybrid 4AT, Ertiga Hybrid 5MT, Swift, Ciaz and XL7. Besides, the company also supplies genuine spare parts, Suzuki lubricants, and maintenance, guarantee services for Suzuki products.Based on statistics from VAMA, the above-mentioned automobile models sold in the market in Oct 2023 reached 680 units, down by 25% compared to Sep 2023 and the total units sold in the market accumulated in 10 months of 2023 reached 11,528 - lower than data in the same period of 2022. For the whole market, VAMA announced that total sales until the end of Oct 2023 decreased by 29% compared to the same period last year. In which, tourist cars decreased by 32%, commercial vehicles decreased by 16% and specialized vehicles dropped by 60%. In addition, the sales of locally assembled vehicles declined by 27% while imported cars fell by 33%. There are many reasons leading to this situation such as difficult access to bank capital, high interest rates, economic crisis, weak demand... In general, the global economic downturn had a profound impact on consumer spending in 2023, affecting the industry's output consumption in the first 10 months of 2023. The subject is not out of this situation.According to experts, the automobile market is still quiet even though the Government's policy of reducing registration fees by 50% for domestically produced and assembled vehicles has taken effect from 01 Jul 2023. Vietnamese consumers are waiting for more positive signs of the economy. In the market share race at the end of 2023, popular automobile models with high discounts are expected to have a great competitive advantage.