Full Video] Korean Car Sales Increasing in Vietnam. What's the Reason? / Yu Young-guk Writer (Broadcast on 2023. 04. 12)

Sales of Korean cars are surging in the Vietnamese market. This isn't just a trend; it's a result of a combination of factors, including Vietnam's economic growth, expanding middle class, and the strengthening competitiveness of Korean cars. Korean cars stand out from Japanese cars in terms of fuel efficiency, design, and price competitiveness, and their local assembly further enhances their affordability. Vietnam is at the center of diplomatic maneuvering by major powers like the US, China, and Russia, significantly impacting its foreign policy and economic outlook. This video offers a glimpse into the fascinating market changes in Vietnam, revealing the secrets behind the success of Korean cars.

Since 2021, Korean cars, particularly eco-friendly vehicles and SUVs, have gained popularity overseas, injecting vitality into the Korean automotive market, which has been struggling with a shortage of semiconductors. This is a significant factor in the growing popularity of Korean cars in the Vietnamese market as well.

In Vietnam, the market share of Korean cars was only 3%, but it has recently risen to 38%. This is because Vietnamese consumers are attracted to the design, price competitiveness, and price advantages of Korean cars through local assembly. Korean cars are particularly popular due to their relatively lower prices compared to imported cars, which are subject to higher taxes. This competitiveness, coupled with Vietnam's expanding middle class, has contributed to increasing the market share of Korean cars.

Gold sales in Vietnam have surged by 338% since last year. This is because Vietnamese people are increasing their investment in gold amid the global economic crisis. Gold prices in Vietnam are traded 10-15% higher than the global average, indicating Vietnam's hidden capital and investment potential. This gold investment enthusiasm reflects the economic situation in Vietnam and the changing consumption patterns of the middle and upper classes.