Smartphone sales in Vietnam reportedly took an unexpected dive in December 2023, according to tech retailers who are hoping the coming Lunar New Year season will bring sales numbers back up.
According to a report from national daily Vietnam News, sales of smartphones in the country saw a significant uptick in October due to the release of the iPhone 15 series. However, that wasn’t enough to sustain overall growth as sales figures dropped from late November to the end of December.
FPT Shop commercial director Nguyễn Thế Kha told online news outlet Vietnamnet.vn that the iPhone 15 series was the main revenue driver in October, with other popular brands like Samsung and Oppo showing flat or decreased sales.
Meanwhile, a representative of Mobile World told VNS that December revenues from mobile sales dropped 12% compared to November.
The figures caught retailers by surprise, as usually the reverse is true, where December sales outpace November sales.
According to the report, the sales slump is due to a sharp decrease in consumer purchasing power as “unfavourable macro-economic developments” is forcing consumers to cut unnecessary spending. According to official government figures cited by Reuters, Vietnam's economy expanded 5.05% in 2023, falling short of its official growth target of 6.5%. For contrast, Vietnam's economy grew 8.5% in 2022.
Retailers said they hope that the Lunar New Year season – known locally as Tết, which starts this year on February 10 – will make up the difference, as consumers often wait for shops and service providers to launch special promotions ahead of and during Tết.
