Half of Vietnam Truck Imports Are from China?
China-made trucks have overtaken Japanese and Korean brands in the heavy truck segment in the competition with a market share of over 50% in Vietnam and even up to 80% in dump truck segment. In the segment of light and medium trucks, although Korean Hyundai is still considered to be the number one truck brand in Vietnam, Chinese truck brands represented by FOTON and JAC have begun catching up.
More and more China’s domestic automakers have shifted their focus from product exports to capital outflows, as overseas production might reduce costs, avoid trade barriers, In the long run, this move will help build Chinese brands in the global market.
Anhui Jianghuai Automobile Co Ltd (JAC), an auto producer based in Hefei, has started construction on its first overseas plant to produce trucks in Vietnam in April, 2010.
In Vietnam, SINOTRUK has partnered with TMT (the number one truck manufacturer in Vietnam) to build an assembly line with an annual capacity of 20,000 units. In June 2019, the company's Euro 5 emission-compliant models were also presented at TMT's event and announced further improvements to its after-sales service in Vietnam. In addition, SINOTRUK is also cooperating with the Korean Automobile Company in Vietnam to assemble tippers and concrete mixers.
Currently, SINOTRUK ranks first among Chinese truck brands in Vietnam and has now deployed more than 70,000 trucks in the Vietnamese market. You can see how large this number is by comparing it to the annual truck sales in Vietnam in 2021, which stood at 68,000 units, and that's just the volume from one brand, SINOTRUK. If you have the opportunity to travel to Vietnam, you will find that SINOTRUK HOWO trucks are travelling everywhere in Vietnam.
In addition to complete vehicles, engines and other auto parts also have a high market share in Vietnam. In Vietanm, Yuchai engines rose by over 20% year-on-year in the first eight months of this year as the automotive market there recovered gradually. In particular, Yuchai represented a 48% market share in the heavy truck tractor and 80% share in the 8×4 freight truck segment in Vietnam. Currently, Yuchai engines have been widely used in automobiles, ships and power generation equipment in Vietnam, with a total ownership of nearly 150,000 units. In addition to SINOTRUK, SHACMAN, Hongyan, Foton and JAC are also doing well in the Vietnamese market.In recent years, COVID-19 pandemic has created an explosion of online shopping, leading to tremendous growth in logistics services for short-haul, long-distance deliveries, which in turn increases the demand for small trucks for deliveries.
Looking forward, a new surge in demand is expected with the global transmission to zero-emission commercial vehicles.
Source : www.chinatrucks.com
Editor : Mia
Views : 11153