Shipments of smartphones to Vietnam plunged 30% year-on-year in the first quarter, the deepest decline among the five major Southeast Asian markets, according to a new report.
Malaysia came second from bottom in terms of negative growth, down 29% year-on-year. Thailand saw shipments drop 1%, according to market research company Counterpoint.
The five main Southeast Asian markets, including Indonesia and the Philippines, saw an overall drop in shipments of 13%.
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Smartphone sales in five main Southeast Asian markets. Photo courtesy of Counterpoint |
Consumer sentiment has not fully recovered in Vietnam, said Counterpoint analyst Glen Cardoza.
Inflation in Southeast Asia has affected buyer sentiment, leading to a decrease in demand for new phones, he added.
A report by another market research company showed that 2.5 million smartphones were sold in Vietnam in the first two months, down 30% year-on-year.
“This year, people started to tighten their spending right from January,” said a representative of a smartphone retail chain.
Cardoza said that another reason for the first quarter decline was that Vietnam had received a large number of shipments in the last quarter of last year.
Counterpoint data also shows that the high-end segment has not been affected by economic challenges.
Samsung posted the biggest sales in Vietnam in the first quarter and claimed 21% of the market, followed by Oppo at 20%, Vivo with 14%, Xiaomi 14%, Realme 12% and Apple 7%.
However, all brands saw a decline compared to the same period last year, except for Apple which posted growth of 18%.
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