|Customers try out the new Xiaomi phones
Chinese smartphone maker Xiaomi has become one of the fastest-growing brands in Vietnam since its local debut two years ago. Xiaomi first entered Vietnam with its distributor agreement on March 15, 2017.
Steven Shi, Xiaomi's head of Southeast Asia, said, “We started with nothing here other than some very loyal Mi Fans. In the two years that have passed, we have built a brand that sees us Number 4 in the market, oversees a range of Mi stores spanning the nation, and offers a full ecosystem of products.”
Xiaomi continues to strike the Vietnamese market with the recent launch of the all-new Redmi Note 7. This stellar new smartphone set a sales record in China, selling over a million units.
Set for a similar fate on Vietnamese shores, the device boasts a category-leading 48 MP camera housed inside a stunningly-designed body. The Redmi Note 7 will be available in three configurations, priced between VND3.99 million and VND5.96 million ($171.57-256.28).
Meanwhile, Huawei, another Chinese company, made its debut in Vietnam in March 2018 with its Y series and Honor brand. It aims to aggressively expand in the market in the future. Huawei has tied up with one of Vietnam’s top gaming firms, VNG, to boost growth.
“Vietnam is one of our key target markets in Southeast Asia, a strategic ground for Honor to continue offering state-of-art products and innovations," said Akin Li, president of Honor in Southeast Asia.
Chinese smartphone maker OPPO remains the second-largest brand in Vietnam, trailing behind Samsung. Over the past few years, Samsung and OPPO have been locked in competition to secure even higher market shares.
Commenting on the prospects of the smartphone market in 2019, Vo Le Tam Thanh, local analyst at IDC Indochina, said that Xiaomi and Huawei would continue to boost activities to take over the market share of other brands, as the market has become saturated. Meanwhile, Samsung and OPPO also continued to retain their leading positions in revenue and profit.
Chinese companies like Xiaomi, Oppo, and Huawei have been expanding aggressively in Vietnam in recent years. Analysts say competitive prices and innovative features in the devices are increasingly appealing to Vietnamese consumers.