INTRODUCTION

The auto industry can be viewed as a measure of a country's economic

development. Vietnam, with its rapid development, is being seen as a fertile
land for car manufacturers. While the car market in its neighboring countries is
gradually entering saturation as a result of the various policies of stimulating
automobile demand in recent years, Vietnamese people have begun to rush to
buy cars in accordance with the law of supply and demand as the country’s
economy grows significantly. This trend is expected to continue for a long
time, considering the recent signing of the EVFTA agreement, which makes
car companies race to enter the country. As an inevitable result, the
Vietnamese car market has become diverse in terms of models, segments and
customers.
The country’s market has become diverse in terms of models, segments
and customers. That situation makes the auto market a fiercer battle than ever.
Automakers are scrambling to launch competitive strategies to gain a foothold
in a market that is seen as increasingly demanding. As a nation with an
abundance in labour, manufacturing has seen much success when outsourced
to Vietnam over the years. Despite the existence of strong competitors like
China or Thailand, Vietnam still manages to develop its automobile industry at
a sustainable rate, which is by all means a good sign for foreign investors.
Currently, Vietnam's automobile industry, particularly in big cities like
Hanoi or Ho Chi Minh, not only holds an important position in promoting the
development of the national economy through meeting transportation needs,
but also contributes to the development of production and commercial
business, contributing greatly to the GDP of the country. However, integration
is a double-edged sword, especially for such a young auto industry. From an
investor's perspective, Vietnam is still a place with opportunities that cannot
be ignored, and it is necessary to have an objective view before deciding to
implement FDI into the country. Investors are not to overlook any nation with
adequate opportunity to attract capital.
Part 1: Vietnam’s automobile industry environment - an analysis
1.1. Production capabilities:
Compared to other countries in the world, the Vietnamese joined the
auto industry quite late. After the renovation process, the Government of
Vietnam has had many policies to encourage the development of the
automobile industry, making the automobile a spearhead in the process of
industrialization and modernization. After more than 30 years of development,
the Vietnamese market is now a playground for many world famous brands
such as Toyota, Honda, Fords, GM, etc with sales reaching nearly 120,000
vehicles per year.
However, according to statistics of the International Organization of
Automobile Manufacturers, in 2019 Vietnam shipped a total of 50,209 cars,
equivalent to about 0.05% of the worldwide production in the same year.
Thus, it can be seen that the Vietnamese auto industry is still rather tiny
among the giants from countries with a long history with automobiles, being
still an assembly industry with the main job of importing components,
assembling and distributing in the domestic market. The extremely small
domestic component market makes the Vietnamese auto industry increasingly
dependent on imports. Although it is a big challenge for the country, this also
shows that it still has a great potential for development, especially when the
rate of car ownership in Vietnam is only about 4%.
Stemming from the lack of synchronization in support policies, in
recent times, the continuous growth in production has only come from
companies that already have brands in Vietnam such as Truong Hai, Toyota,
and Ford. there is no great influence of new players on the Vietnamese car
playground. As can be seen, this growth is almost entirely caused by the
demand side: The recovery of the economy and personal consumption.
Having become a large market segment for many years now, imported
cars will continue to grow strongly, especially car manufacturers from the
ASEAN region. Without supportive policies in the near future, the prospect of
the Vietnamese market being flooded with cars imported from Thailand and
Indonesia is entirely possible.
1.2. Major factors influencing automobile production in Vietnam:
1.2.1. Politics:
Vietnam is a country with a considerably stable political background,
so in the short term, the economy in general and the auto industry in particular
will not be affected by political fluctuations.
The political factor that has had the biggest influence on Vietnam's auto
industry in recent times is the conflict between Vietnam and China in the East
Sea. Currently, China is a major component supplier to Vietnam, so a conflict
will greatly affect domestic manufacturers.
1.2.2. The economy:
Vietnam is one of the countries with the fastest economic growth in
Asia, with an average growth rate of 7.1% between 2015 and 2020. The
economic growth leads to the development of the middle class, who have
demand for car consumption. In addition, the rapid urbanization also
contributes to the high demand for cars.
For the Government, sticking to the goal of globalization through the
equitization of state-owned enterprises and restructuring the commercial
banking system are considered steps in the right direction. Along with that,
Vietnam also became a member of the WTO, signed trade agreements such as
EVFTA, promising to create competition and promote automobile businesses
in particular and the market in general.
Despite this, Vietnam's economy is also facing many challenges.
Although the monetary devaluation policy has positive effects on the trade
balance, however, for the auto industry, which is heavily dependent on
imported components, it will create a disadvantage in terms of input costs
1.2.3. The investment environment:
Vietnam is a country with a young population, large labor force and
low cost. This is a factor that attracts foreign investors around the world, and it
creates opportunities for Vietnamese businesses to continue to grow and have
access to modern technology, contributing to the reduction in the
inconsistency when cooperating with foreign enterprises. Another factor that
makes the investment environment attractive in Vietnam is the geographical
location. Located on the Central Indian peninsula and international sea routes,
Vietnam is very convenient for transportation and import and export activities.
However, Vietnam also has many problems to be improved in the
coming time. Weak infrastructure creates limitations for the implementation of
high-tech projects. The transport system is outdated, and has not kept pace
with the development of the economy as well as the needs of economic
integration. Meanwhile, the quality of human resources is low, not meeting the
requirements of high technical level. In addition, one of the big factors that
makes foreign investors hesitate to invest in Vietnam is corruption. Despite
recent improvements, Vietnam still has a high rate of corruption.
1.2. Import capabilties:
According to statistics, the import value of CBU cars accounts for more
than 1% of the total import turnover of the country. However, for items that
need to be restricted from import, such as CBU cars, this is a rather high rate;
shows that the demand for foreign cars of Vietnamese people is constantly
increasing.

With the recent signing of the EVFTA, the import of foreign cars into
the Vietnamese market is expected to be even further facilitated. According to
the terms of the EVFTA, Vietnam will gradually remove and eliminate import
tariff on European cars, reducing each year from 6.8 - 7%. Before the EVFTA,
cars imported from Europe to Vietnam were subject to a tax rate of 70%
according to the customs declaration value applied at the most favored nation
(MFN) rate in WTO members. According to the tax reduction roadmap of the
EVFTA Agreement, from August 1, 2020, Vietnam will be cutting taxes for
10 years, an average of about 7% each year and then after 10 years, it will cut
to 0%.
Currently, cars imported into Vietnam still mainly come from three
main markets: Thailand, Indonesia and China. In April 2021, the number of
vehicles from these three markets accounted for 94% of the total number of
vehicles imported into Vietnam. The reason is said to be that the cars imported
from these countries have low prices, suitable for the pocket of Vietnamese
people. For example, cars imported from Indonesia cost an average of 280
million VND. Thailand and Indonesia also benefit when cars imported into the
Vietnamese market are not subject to import tax.
1.3. General evaluation on the Vietnamese automobile industry environment:
Vietnam's auto industry has developed quite rapidly in the past few
years. Domestic manufacturing and assembly enterprises have initially
affirmed their role and position in the domestic automobile market and have
made strong progress in both quantity and quality. In addition to policies on
investment and business in general, the auto industry is also subject to specific
policies and is regularly revised, supplemented and perfected, especially taxes
on the development of the automobile industry and supporting industries.
Overall, Vietnam's automobile industry is an industry with great
potential for development. Therefore, many multinational automobile
companies have decided to choose to set up long-term production and
assembly bases in Vietnam. However, for various reasons, the position of
Vietnamese auto parts suppliers in the supply chain of these MNCs is very
limited. Therefore, it is necessary to change the position for Vietnamese
suppliers in a beneficial and sustainable direction.
Part 2: Ho Chi Minh city - Vietnam’s automobile manufacturing hub
2.1. Why Ho Chi Minh city is an attractive place for investment in Vietnam:
During the three decades since doi moi, despite many limitations, Ho
Chi Minh City (HCMC) has always maintained its pioneering position in
economic development. Although accounting for only about 10% of the
population and 0.6% of the area, the city has generated about 20% of GDP,
30% of budget revenue, and attracted 20% of the country's FDI capital. Hanoi,
the capital city, despite having an approximate population size and area and
always favored by the Central Government, is still far behind HCMC in terms
of GRDP, budget revenue, export turnover and FDI attraction.
The city has determined that developing into a financial center is the
key to bringing the city's economy to a breakthrough in the coming time.
Therefore, with the role of being the leader, the multi-faceted center of the
country, along with the commercial openness reaching 138%, the city will still
strive to become the locality that most successfully implements the goal of
raising the bar. improve institutional competitiveness in the ASEAN+4 group
as set out by the Government. Thereby, creating an important premise for
other organizations to invest more.

The pioneering character of the City, partly comes from the general
trend of innovation and reform of the whole country and the central position of
the East and South West, but more importantly from the liberal thinking and
the ability to nurture, creating opportunities for talents and businesses to
develop.
Currently, the income of people in Ho Chi Minh City tends to be higher
and higher, so the demand for goods also tends to increase rapidly. Consumers
in Ho Chi Minh City often choose products based on official experiences from
products or services, including tangible and intangible values such as: product
features, services... more. At the same time, people in Ho Chi Minh City like
to shop at modern distribution channels such as supermarkets, commercial
centers... and also like to shop at retail stores near their homes or offices.
Therefore, it is very important to pay attention to distribution channels,
promotion and display activities, and product designs in stores for HCMC
consumers.
Ho Chi Minh City is also the input market and output market of the
Southeast region, the frozen region of the Mekong River and other regions in
the country. It has the attraction and ability to promote and attract the
development of the commodity market of the whole country, especially the
Southeast and the frozen regions of the Mekong River have a large consumer
market for goods, favorable development of service industries, and a
distribution network that is able to closely link with the supply of goods in the
region. In addition, Ho Chi Minh City also has the advantage of geographical
location as the year between the Southeast region and the Mekong Delta
region, which is the focal point in developing the commodity market of the
two major economic regions.
2.2. Ho Chi Minh city’s potential for the automobile industry:
In general, the price index of the auto market in particular and other
markets in general in Ho Chi Minh City in recent times has been relatively
stable, with no sudden price increase like 2008. The total revenue of the auto
industry in Ho Chi Minh City is on a respectable growth trend, the latter
period is higher than the previous one. The average growth rate of car sales in
the period 2014 - 2019 is 28.15%/year. while the period 2010 - 2014 only
reached 13.18%/year. In recent years, the state and non-state sectors have
experienced remarkable growth and contributed quite a lot to the total sales of
the automobile industry in Ho Chi Minh City. Particularly in 2020, the
automobile market in Ho Chi Minh City still developed quite well, reaching
VND 459.551 billion, reaching 97.1% of the plan. In which, foreign
automobile investment enterprises hold the leading position in bringing goods
to consumers, with sales of 203.8 billion dong, accounting for 44.3% of total
sales.
Compared to previous years, the city's automobile market has made
new leaps forward: modern production has developed quite well. Up to now,
there are about 141 factories, 25 of which apply modern technology and
utilities, learning from big car brands like Hyundai, Honda, Nissan, etc.
Commodity prices are stable, product quality is guaranteed, attracting many
classes of consumers. The system of distribution and transaction of input
materials has been well developed and is operating quite effectively, reflected
in the rapid increase in quantity and scale, contributing to meeting the
increasingly civilized and modern procurement needs of consumers. The
automobile production system has also solved the problems of environmental
sanitation, food safety and urban beauty that have not been done in the past for
a long time.
At the same time, the city has also been preparing well the conditions to
be ready to welcome new opportunities, the wave of investment redirection
outside China, from countries participating in the Vietnam - EU Free Trade
Agreement. (EVFTA). The promotion of entrepreneurship and innovation;
support for production and business in the industry help automobile
enterprises access information, exploit, expand markets, and at the same time
promote export.
It has been said that the results achieved by Ho Chi Minh City are
derived from the whole process of improving the business and investment
environment, focusing on the fields directly related to the automobile
enterprises in the period. from 2016 to present. This shows that the automotive
industry is still a spearhead industry, worthy of the government's attention and
promotion. Such an environment of enthusiastic government support is
certainly worth the attention of foreign investors.
All in all, the vibrant and highly competitive auto market of Ho Chi
Minh City, with the introduction of multi-channel supply chains of domestic
and foreign enterprises such as BMW, Vingroup, Bioc, Audi, Chevrolet, etc.
also entered the market here. It would be a mistake if we, as investors, could
ignore the choice and trust of such large enterprises.
Part 3: Developing automobile investment into Vietnam - The canvas model
3.1. Value propositions:
As foreign investors aiming at the Vietnamese market, there are at least
four characteristics that should be made to stand out:
* Offering high quality at a reasonable price: Automobile investors will
need to have competitive pricing policies to create and maintain the brand as
well as sell the most products to maximize profits. After-sales regime is also
enhanced to stimulate consumption. By offering popular models as well as top
notch after sale services, businesses can stand out in the market
* Fuel efficiency: Since Vietnam has a rather troublesome traffic
system, a car brand not only needs to be driver-friendly, but also fuel efficient.
Engines were designed to maximize efficiency, and features like Drive Mode
Select offer an Eco option to help customers save even more on gas.
* Warranty: Being a nation with a rate of traffic accidents amongst the
highest in the world, new vehicles supplied come with Assurance. The
warranty keeps customers covered for longer than the ones from competing
brands, enabling them to drive confidently.
* Uniqueness: With a myriad of car models flooding Vietnam’s, as well
as the world’s, markets right now, it is important that the company have an
unmistakable style that is recognizable. Each model is supposed to have a
sleek, fluid design, leaving a lasting impression.
3.2. Customer segments:
One of the obvious segments an automobile investor should pay
attention to is the middle-to-high income customer group. Middle-income
customers can buy the lower-range models for around $32,000 while those
with a higher income can buy the more luxurious cars, which can range in
price from $70,000 to $100,000 and above.
In addition to income, the brand also targets consumers with a luxury
lifestyle. As stated above, the aim is to set oneself apart from the competition
by offering high quality luxury cars at affordable prices. Instead of Mercedes
Benz and BMW classic cars, drivers can now feel luxury and class when
driving these cars at a lower price. The more affordable one offered also
allows lower-income drivers who have always dreamed of driving a luxury
vehicle to make their dreams come true and thus attract more customers.
Another segment worth targeting is based on geographic needs. Big
cities like Hanoi, Hai Phong or Ho Chi Minh city all have high demand for
cars, and are where most middle-to-high income customers reside in the
country, which supports further the pricing strategies. Penetrating big cities
could provide a head start so that the brand may expand to the rest of Vietnam
in a future date.
3.3. Customer relationship:
As previously mentioned, one of the best methods of maintaining
customer relationship in Vietnam is through efficient after-sale services.
Investing into automobiles is more than simply selling cars. In today's highly
competitive environment, after-sales service is increasingly becoming an
important factor contributing to the success of auto manufacturers. If they
know how to take advantage of the strengths in this aspect, knowing how to
please customers, car companies will not only easily retain old customers but
also quickly "attract" new customers, as well as establish a solid and loyal
base.
The company aims to have a 4600m2 main warranty center right in
District 1 with the most modern equipment and professional staffs. Not only
that, employees will be trained to test drive vehicles on different terrains in
Vietnam to better understand the usage conditions for customers. The free car
care and maintenance programs will be extended for 3 years or 60,000km,
whichever comes first from the time of delivery. For normal surface rust, paint
damage and battery damage, the company offers a 3-year or 100,000 km
warranty, whichever comes first. Warranty for corroded holes would be up to
6 years with unlimited mileage. Besides, the business will also have financial
services with flexible credit policy to help customers own the car right away
and diverse insurance service packages for customers to choose.
3.4. Channels:
The business intends to form coherent and expansive distribution
channels, comprising of many agents, retailers, and salespersons, and all of
this would done with nearly 72 showrooms and distributors. The company is
supposed to employ about 7500 qualified people to manage revenue. Car
models should be present in all the market segments, so it is necessary to reach
the rural areas of Vietnam with an even greater number of dealership outlets.
The distribution outlets will have many salespeople deal with a large
number of inbound customers. Once a customer is in, the seller shows them
vehicle options and understands customer demographics and needs. Striving
to reduce supply chain costs and maintain a reasonable level of service with
high quality products, suppliers would be organized at different levels, with
first-tier suppliers working in a product development team, and second tier
suppliers would manufacture custom parts. This allows for a cross-exchange
of staff, as it is intended to send staff to suppliers in the event of an over-
workload.
3.5. Key partners:
 The practice of sharing rides continues to gain popularity and the
automotive industry is undergoing major changes. It has experienced
significant deviations from the culture of vehicle sharing, and Vietnam’s is no
exception from that.. UBS Global Financial Services estimates that the market
for shared services will increase from $40 million in 2016 to $ 30 million by
2024. Therefore, it is strategically important for car investors to have a shared
economy with ride-hailing companies. To that end, the business aims to
striking a collaboration with Grab, and perhaps Be, two of the most effective
ride-hailing service providers in Vietnam.
In addition, since the high-performance EV segment is also a recurring
trend for automobiles worldwide, the business should aim to join hands with
Rimac, a company occupying a dominant position in the fields of production
of high-power hyper-electric system and EV sports cars, with a wide range of
projects with brands of high quality car manufacturers Astina, Porsche, SE.
Aiming at the high-income section of customers, the busniess would benefit
greatly from a collaboration with Rimac.
3.6. Key activities:
* Research and development: From basic research to advanced
technology and product development, we will coordinate and integrate all
aspects of development to realize the rapid and continuous development of
advanced, high-quality and attractive vehicle models. Our basic research
involves the development of discovery and research on basic vehicle-related
technology. Then, we would work on technical brekthroughs, focusing on
leading-edge components and systems ahead of competitors.
* Logistics: In order to succeed in supply chain management, it requires
suppliers to deliver parts efficiently and effectively. Therefore, we have
partnered with third-party logistics providers (3PLs) to provide logistics
services. The network model can help the company operate faster and more
efficiently. Our entities would be connected by a continuous flow of trucks
that transport parts to the plants or return them to suppliers. Plants include not
only assembly activities, but also component activities for engines and
transmissions.
* Manufacturing: Taking advantage of labour in Vietnam, assembly
would be left to the national assembly lines, whereas the components, for the
time being, would be outsourced. It is advised to manufature components in
Korea, which has the world’s largest integrated automobile manufacturing
facilities.
3.7. Key resources:
* Intellectual property: As we are committed to developing attractive,
affordable and high quality products for consumers in Vietnam, the heritage
that research and development creates is a major investment. Thus, it is to be
used and protected to reinforce corporate value.
* Human resources: Our HR team is responsible for monitoring all
activities involving people in our organization. Human resources play the most
important role from recruitment to performance appraisal, corporate culture
and ethics. An effective human resources team is both an asset and a challenge
to any successful automobile company. Should we want to harvest the full
potential of our other assets, we are to ensure that HR is doing well.
* Partners: As stated above under “key partners”, the world of
automobile is becoming more and more integrated. Partners we have secured
in the hailing business will undoubtedly prove to be an unreplaceable asset in
the future, considering the trend in Vietnam.
3.8. Revenue stream:
The primary source of revenue is decidedly from the sales of cars. We
intend to have car sales account for 80-90% of our revenue stream, and
support it with other financial services as well as certain business operations.
Customers have the option to buy cars ranging from $16,000 to $800,000
depending on the model and demand. For comparison, other car brands
thriving in Vietnam, such as Toyota or Hyundai, cost businesses $60,000 to
$1,300,000 per model. While our revenue at first may be not as great, once we
have expanded and economies of scale kicks in, we have an opportunity to
compete, or perhaps, even cooperate with the other great brands.
We also aim to generate a portion of our revenue through financial
services like providing loans to other companies. However, the business’s
priority should still be car manufacturing, and financial services should be
kept to around 7% or 8% of our expected revenue, since this has already been
a target of other big companies in Vietnam.
Supplying spare parts should also be noticed, since it has been stated
that we aimed to promote a sense of loyalty and friendliness amongst the
customers, therefore the revenue from sales of spare parts is to be treated with
the same reverence as the sales of cars.
3.9. Cost structure:
Fixed costs in the automobile industry are often high, but given a
budget of $10 million, combined with efficiency in production, our company
expects to handle the costs fine once the strategy has been put into motion.
The structure of costs that we expect to be incurred is as follows: Purchases
(70.7%), wages (6.3%), depreciation (6.0%), rent & utilities (1.7%), other
(10.4%), profit (4.9%).
Generally, the intention is to develop a lean-oriented structure with
economical operational expenses, which includes plant and operations
construction, raw materials and components, distribution and logistics,
employee bonus and wages, technology, research and development, human
resources support, marketing and advertising, etc. In addition, when business
has begun to run well, the company is supposed to, at the same time,
implement quality and cost innovations so that customer value can be further
reinforced while cost structures are renovated. The EV model mentioned is
expected to be of great help in cost innovation.
Despite the goal of providing high quality at a low cost, one should not
take the cost structure too lightly, lest it becomes underestimated, and
ultimately become an insurmountable burden for automobile investors.
CONCLUSION
The automobile industry is an important economic sector in the process
of industrialization and modernization in many countries. For Vietnam, over
the years, the automobile industry has always been considered as a priority
industry for development and has made meaningful contributions to the
country. The development of the automobile industry with a high localization
rate will bring value to the economy, such as creating jobs, training skilled
human resources, technical expertise, developing other industries, especially
mechanics, electronics and chemicals, reducing trade deficit and attracting
foreign investors.
In many ways, Vietnam’s Ho Chi Minh city is still an appealing
location for automobile investors worldwide, thanks in large part to its
relatively stable political system and abundant labour force. Despite that,
investors must not overlook certain limitations and threats looming inside the
country. In addition to policy support from the Government, enterprises in the
auto supporting industry themselves need to innovate, invest, move towards
automation, strengthen scientific and technological potentials and must be
proactive. Enterprises need to have investment policies to meet the needs of
domestic automobile production and gradually participate in the supply system
of supporting products in the global value chain of the auto industry.
In conclusion, while the automobile industry is still growing steadily in
Vietnam, in the near future, the picture of the industry is not as gloomy as it
was from 2013 and earlier, nor is it quite as bright as previous forecasts, the
color of the automotive industry picture is not quite as bright as in the past. It
also depends on the direction of the government and the choices of car
manufacturers. It is crucial that investors have a clear, unbiased look into the
nation’s, as well as ours, strength and weaknesses before deciding to pour
capital into it.
APPENDIX
1. Vietnam’s automobile industry’s position relative to the world

2. Vietnam’s market share in automobile, 2020

3. Stages of growth for Vietnam’s automobile industry

4. 10 car brands with the highest sales, 2020

Bảng 3: 10 thương hiệu ô tô bán nhiều xe nhất tại việt nam năm 2020
Đơn vị tính: Chiếc
Xếp Thương hiệu ô tô Doanh số năm 2020 So sánh với năm 2019
hạng
1 Hyundai 81.368 xe Tăng 1.800 xe
2 Toyota 70.692 xe Giảm 8.636 xe
3 KIA 39.180 xe Tăng 9.077 xe
4 Mazda 32.224 xe Giảm 507 xe
5 VinFast 29.458 xe Tăng 12.244 xe
6 Mitsubishi 28.954 xe Giảm 1.688 xe
7 Ford 24.663 xe Giảm 7.512 xe
8 Honda 24.418 xe Giảm 8.684 xe
9 THACO Truck 24.119 xe Tăng 1.115 xe
10 Suzuki 14.518 xe Tăng 2.732 xe
5. Rate of internationalization for the automobile industry in Vietnam:

6. Percentage of households owning cars in Vietnam by province

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