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Vietnam Smartphone Shipments Down 28% YoY in Q3 2021 on COVID-19

Hong Kong, London, Boston, Toronto, New Delhi, Beijing, Taipei, Seoul – November 25, 2021

Vietnam’s smartphone shipments witnessed a 28% YoY decrease in Q3 2021, according to Counterpoint Research’s Monthly Vietnam Channel Share Tracker. COVID-19-induced restrictions in Vietnam’s major cities played the biggest role in this slowdown, triggering labour shortages and closure of shops and malls. The ongoing component shortages added to the limited volumes as well. On a monthly level, the market performed well during July while August witnessed a decline in shipments as Vietnam faced its highest ever spike in COVID-19 cases. The cases started to decline in September.

Research Analyst Akash Jatwala said, “Due to the rising COVID-19 cases, the authorities imposed restrictions and lockdowns on major cities. This hit the economy and social life. Most of the manufacturing facilities in Ho Chi Minh City were either closed or operating with limited manpower and volumes. Only 9% of Vietnam’s population had been fully vaccinated during the beginning of the fourth wave.”

Top OEMs Market Share in Vietnam Q3 2020 vs Q3 2021

Samsung reached its highest ever share in Q3 2021, capturing 49% of the smartphone market. This was due to demand for its fast-moving models like the Galaxy A12, Galaxy A03s and Galaxy A22. Samsung’s emphasis on its A series has started paying off, giving further momentum to its growth in the market. OPPO captured the second spot with a 19% share driven by the A series. Xiaomi and vivo took the third and fourth spots with 13% and 8% shares respectively. The Redmi series was the volume driver for Xiaomi while the Y series grabbed the numbers for vivo.

The online channel made up 13% of the total shipments during the quarter. Even this channel faced logistical issues during the period. To increase online sales, OEMs partnered with online platforms to offer exclusive deals. Samsung partnered with Lazada for the fourth edition of LazMall Super Brand Day, where customers could avail savings at Samsung’s official store. Xiaomi continued to lead in online sales with a share of 36%. Samsung followed with 33%.

5G smartphones made up 20% of the total shipments in Q3 2021. Their share is expected to increase further by the end of 2021. Vietnam has started 5G trials with Viettel becoming the country’s first operator to do so, achieving a top speed of 4.7 Gbps during the trial. Vietnam’s government is also planning to auction 5G spectrum during Q4 2021.

Commenting on the manufacturing scenario in Q3 2021, Senior Research Analyst Glen Cardoza said, “Manufacturing in Vietnam was deeply impacted by restrictions and lockdowns, hitting shipments of major OEMs. Some OEMs like Samsung have a big part of their manufacturing done in the country. While Vietnam is still considered as a preferred location for OEMs, some brands might look to spread their manufacturing facilities across multiple geographies.”

On the bright side, restrictions are currently being reduced while workers have started returning to industrial towns. The vaccination rate is also gaining momentum. We expect smartphone shipments to bounce back in Q4 2021 with improving consumer sentiment.

Background:

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media, and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects, and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

Analyst Contacts:

Akash Jatwala

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