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Despite the slight improvement in volume to 13.4 million units, this figure is still comparable to the 2015 market when it was still in a growing phase.
In the last quarter of 2022, the market took a sharp downturn, with a 50.3% drop year over year to 2.6 million units, the lowest figure recorded since the third quarter of 2021, when the industry grappled with supply chain disruptions due to the Covid-19 pandemic.
Consumer demand weakened considerably, exacerbated by high inflation and economic uncertainties. The underwhelming figures come as a surprise as the fourth quarter of the year is typically a robust period for the market.
"The rising cost of living and growing macro-economic concerns resulted in significantly low consumer demand, dampening any rebound in 2022 when Vietnam re-opened," said Thanh Vo, Research Analyst for Client Devices at IDC Vietnam. "This has led to a cautious start in 2023 as vendors rethink their portfolio of devices amidst profitability concerns."
Samsung's share increased to 40.4% in Q4 of 2022 from 34% in Q3.
OPPO kept its second position with a 21.3% share by units in the last quarter of 2022, despite a slight 0.3 percentage point drop quarter over quarter. Its shipments declined for the second straight quarter with a 21% and a 38.9% year-over-year drop.
Apple was a bright spot as its shipments increased 42.7% quarter over quarter in the fourth quarter of 2022. The new iPhone 14 series drove the growth of Apple in Vietnam despite production issues. Apple's overall shipments grew 23.6% year-on-year for 2022, broadly outperforming the market downturn.
Vivo faced a steeper shipment drop of 80.7% year-on-year and 49.5% quarter over quarter in Q4, resulting in a more cautious approach and supporting sales by offering discounts and/or other activities. Vivo finished in the last quarter of 2022 with a 6.3% share, a decline from a 9.9% share in the previous quarter.
Xiaomi's shipments dropped down to 138,000 units in Q4, a decline of 74.8% year-on-year and 71.0% quarter over quarter as its share declined to 5.4% from 14.9% in the previous quarter.
