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%.
Counterpoint analyst Glen Cardoza said that consumer sentiment has not fully recovered in Vietnam.
He added that inflation in Southeast Asia has affected buyer sentiment, leading to a decrease in demand for new phones.
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 many shipments in the last quarter of last year.
Counterpoint data also shows that economic challenges have not affected the high-end segment.
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%.