Vietnam smartphone market grows 11% in 1H18

10 Aug 2018

The Vietnamese smartphone market returned to double digit growth in the second quarter, due largely to new product launches from Chinese brands, according to Counterpoint Research.

The total smartphone market grew 11% year-on-year, the strongest performance since the fourth quarter of 2016, the company said.

Samsung remained the market leader, but its market share fell to 37% in the second quarter of 2018, from 41% a year earlier.

Oppo remained in second place with a 22% share, while Xiaomi jumped into the top five for the first time with a 5% market share, up from 1% a year earlier.

Fourth-placed Apple's market share stayed flat at 5%, while Huawei and its Honor brand had a combined market share of 5%, up from 2% in 1H17.

Despite growth in the smartphone market, the overall handset market fell 6% year-on-year, mainly due to a steep decline in the feature phone segment.

“Even though the Vietnamese smartphone market is increasing at a healthy pace, the local players are facing stiff competition from Chinese and Global counterparts,” Counterpoint associate director Tarun Parthak said.

“Further, amid the US-China trade war, the renminbi is weakening, resulting in cheaper Chinese products in Vietnam. This will favor the Chinese brands, which now hold around 39% of the market in Vietnam.”

Source: Counterpoint Research: Quarterly Market Monitor Q2 2018

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