VinSmart achieves record growth in market shares

VinSmart has grabbed 16.7% of Vietnam’s smartphone market shares just 15months after its debut, officially setting a historic record in the country’s tech sector. This information was included in the March report by GfK - the fourth largest market research organization in the world. 

According to GfK’s report, VinSmart’s share reached 16.7% after the company recorded two-digit growth for 7 consecutive weeks. Thus, VinSmart’s Vsmart smartphones have been among the three brands with a market share of over 15% in Vietnam. 

GfK also commented that Vsmart phones have some of the best features in their price ranges. Strong performance, camera, battery capacity and fast charging are outstanding in the segment, and VinSmart also offers a wide range of customer services, including faulty product replacement within 101 first days after purchasing.

Notably, the Vsmart Joy 3 phone in the 1m-3m VND (43-130USD) price range achieved breakthrough growth with record sales of 12,000 phones within the first 14 hours of its launch. By April 2020, Vsmart Joy 3, including 2GB and 3GB RAM editions, has been among the top 3 bestselling items in the 86-130USD segment and earned VinSmart 13.3% of market shares.

VinSmart has also played a major role in increasing the overall shares of smartphones under 2m VND (86USD). Also according to GfK, the proportion of smartphones under 1m VND (43 USD) in the Vietnamese market grew from 1% in early February 2020 to 4.4% in late March 2020. Similarly, smartphones under under 2m VND (86USD) made up 6.5% of market shares in early February and 11.1% in March and Vsmart products accounted for 70% of this segment.

VinSmart’s contributions to the growing low-priced smartphone segment have partly boosted technological popularization in Vietnam, helping millions of people gain access to digital technology.

Tran Minh Trung, Deputy General Director of VinSmart Research and Manufacture JSC, said that with market share growth of 260% from the beginning of 2020 and 16.7% of the smartphone market share after only 15 months, VinSmart was heading in the right direction. “Our goal is to continue optimizing our products to improve quality while catching up with new trends faster along with more competitive prices so that Vietnamese phones not only meet the domestic market but also reach the world market,” he added. 

By April 2020, VinSmart has launched 12 phones and five smart TVs and expanded its market to Myanmar and Russia. VinSmart inaugurated the first phase of its electronic equipment factory in the Hòa Lạc Hi-tech Park in November 2019. The factory covers an area of nearly 14.8 hectares and has a total capacity of 125 million devices per year.