What Vietnamese People Are Saying About Electric Vehicles – A Detailed Market Share Analysis for H1 2024

The electric vehicle market, both domestically and internationally, is witnessing robust growth, with a series of prominent brands joining the race. This report, based on Kompa Social Listening data measured from January 1, 2024, to June 30, 2024, will present key observations accompanied by supporting figures, helping to clarify the trends shaping the EV market as well as providing reference recommendations for Brands to effectively direct their market strategy.

1. Vinfast: Leading the domestic race

Vinfast continues to maintain its leading position in Vietnam. From models such asVFe34 and VF6, receiving respectively467,635 and 483,871 mentions. Additionally, models likeVF7, VF5, VF9, VF3, and VF8 also achieved impressive figures, with1,088,484 discussions for VF8 and952,260 for VF3.

One of the factors driving high mentions for Vinfast is Battery technology. According to Social Listening data, Battery accounted for 45% of discussions regarding Vinfast, especially when compared to international competitors like BYD. This shows that consumers are not only interested in the brand but also pay special attention to technological advancements that enhance performance.

2. International Competitors: BYD and challenges in the Vietnam market

BYD, with prominent models such asAtto 3 and Seal, attracted192,456 and 164,762 mentions. However, compared to Vinfast, BYD's discussion rate is significantly lower. The factor users focused on when comparing Vinfast and BYD was interior design (BYD accounted for 35% of discussions related to vehicle interiors).

In the context of international competition, BYD needs to focus on adjusting its communication strategy to build a stronger presence in Vietnam. Notably, interest in Battery technology in BYD models only reached 25%, which is lower than Vinfast, indicating that the demand for battery technology improvement remains a challenge for foreign brands.

3. Consumer Trends: Interest in Battery and Technology

Not only Brands, but technology is also the focal point of discussions. Vietnamese consumers do not hesitate to compare factors such as battery capacity, charging time, and sustainability when evaluating electric vehicle lines. This is clearly demonstrated by the fact that the keyword “Battery” and related technological factors always appear with high frequency in social media discussions.

For Vinfast, this factor is one of the key differentiators when users evaluate and compare vehicle lines. Lithium-Ion batteries are currently favored due to their high energy storage capacity and durability. However, the development of Solid-State Batteries—which have the potential to shorten charging times and extend lifespan—will be the factor shaping the future of the market.

4. The 25-35 Age Group: Dominating discussions and increasing interest – a golden opportunity for Brands to boost communication

Data shows that the age group from25-35 discusses electric vehicles most actively, accounting for 58.45% of total discussions. This group has good financial capacity and a tendency to be interested in technology, while also being prone to making purchasing decisions based on factors such as sustainability and vehicle features.

The 18-24 age group accounts for 15.37%, showing an increasing trend in the demand to research and consider using electric vehicles. Brands need to focus on creating dynamic communication campaigns that suit the lifestyle and interests of this target group, such as campaigns on TikTok, to drive brand awareness.

5. The influence of TikTok in the electric vehicle sector

TikTok has become an important channel for introducing and reviewing electric vehicles. Prominent electric vehicle review channels on TikTok not only provide detailed information about car models but also create a young, accessible consumer community that spreads information quickly. Brands can leverage these channels to enhance product recognition and connect with potential customers.

Conclusion

The domestic and international electric vehicle markets are growing strongly, with Vinfast asserting its dominance in the Vietnam market thanks to continuous innovation in technology and products. Meanwhile, international brands like BYD are gradually finding ways to penetrate the domestic market but will need more effort to convince consumers.
In the first 6 months of 2024, Battery technology was the core factor shaping the competition. Electric vehicle manufacturers need to continue improving and communicating their technological superiority to attract and retain consumers.

Recommended communication strategies for Brands

To attract and retain customers, electric vehicle brands must implement appropriate communication strategies:

• Emphasize advanced battery technology: Consumers are increasingly interested in the performance and charging time of electric vehicle batteries. Promoting battery technology improvements, especially solid-state batteries, will help build trust and customer interest.

• Brand greening campaigns: Electric vehicles are loved for their environmental friendliness. Therefore, brands should focus on campaigns that emphasize sustainability and minimizing environmental impact through electric vehicles.

• Enhance experiential events: Creating opportunities for consumers to experience electric vehicles through test-drive events will help them better understand the technology and product features, thereby driving purchasing decisions.

• Utilize multi-channel digital platforms: Leverage social media platforms, video, and interactive content to enhance brand awareness and connect with consumers.

• Real customer testimonials: Providing real stories and reviews from consumers who have used electric vehicles is an effective way to build trust.

• Focus on the 25-35 age group: This is a customer group with high financial capacity and demand for electric vehicle products. Marketing campaigns should be built to target the needs of this group, with content focusing on technology and features.