Honda Vietnams performance in comparison to competitors

TABLE OF CONTENTS 1 Introduction 1 2 Financial performance 2 3 Competitive position 4 The major features of Vietnams automobile industry 4 Honda Vietnams performance in comparison to competitors 4 E. TABLE OF CONTENTS1. Introduction12. Financial performance23. Competitive position4The major features of Vietnams automobile industry4Honda Vietnams performance in comparison to competitors4Evaluation of Honda Motor Vietnams position74. Nonfinancial performance8Environmental aspect8Social aspect9Governance105. Conclusion11Recommendation12References14  1. IntroductionHonda Vietnam, founded in 1996, is a joint venture between Honda Motor Company (Japan), Asian Honda Motor Company (Thailand), and Vietnam Engine and Agricultural Machinery Corporation, with motorcycles and vehicles as its primary products (Anh, 2018). Honda Vietnam has been present in Vietnam for about 30 years and has grown to become one of the top firms in the area of motorcycle production as well as a prominent vehicle manufacturer in the Vietnamese market. Recognizing that motorcycles remain the primary mode of mobility in Vietnam, Honda Vietnam strives to offer consumers highquality motorcycle goods at competitive costs built in environmentally friendly facilities.Honda Vietnam(HVN) has consistently spent establishing manufacturing facilities to fulfil the markets rising demand since entering the Vietnamese market. In metropolitan areas, motorcycles account for over 90% of all vehicles (Chris, 2022). Honda Vietnam has six plants that manufacture and assemble bikes and motorbike components. HVN debuted 18 models in 2022, with 07 being wholly new variants first formally offered in the Vietnam market. The famous automobile range, which includes digital cars, scooters, and miniature clutches, remains the focus of HVNs goods. The continuous introduction of models incorporating cuttingedge technologies, such as the new generation intelligent engine eSP +, traction control system, Honda SMART Key smart lock system, Bluetooth connectivity (SH150i; SH350i), and ABS antilock braking system, has contributed to the product ranges completion.Motorcycles are still the primary mode of transportation in Vietnam. However, several estimates predict that the Vietnamese motorbike industry will be saturated by 2025(Team, 2022). Because for three years in a row, total market sales fell precipitously. Moreover, the COVID19 epidemic has affected the whole market, this reduction is unavoidable. There is also supply chain disruption owing to raw material shortages and price inflation. The facts, however, do not lie about the Vietnamese motorbike markets success in the first six months of 2022. Statistics for the first and second quarters of 2022 show that VAMM members sold 753,571 automobiles, a 7.43% increase over the same time in 2021. VAMMs statistics are derived from the sales of digital cars, scooters, clutches, and sports vehicles by fivemember automobile manufacturers: Honda, Piaggio, Suzuki, SYM, and Yamaha. Meanwhile, the worlds most prominent motorbike rating website, https:www.motorcyclesdata.com, reported that the whole Vietnamese market sold 1,820,727 units in the first six months of the year, a 6.7% increase over the same time last year. According to VAMM’s data, the electric vehicle category is expected to contribute 10% of industry sales in 2021 (up from 2.9% in 2018) and is the worlds secondbiggest market.This research looks at Honda Vietnams financial performance, competitive position, and nonfinancial performance. As a consequence, this study assists readers in better understanding the elements influencing company performance and offers ideas to increase Honda Vietnams operational efficiency.2. Financial performanceThe debttoequity ratio demonstrates how much of a companys overall debt and equity structure is utilized to fund its operations. Because the businesss activities are significantly reliant on loans, including several shortterm obligations with payment cycles of less than a year, the higher this percentage, the greater the risk. The debttoequity ratio may be computed using the following summary from Global Honda Motor Companys financial statements:Year:201720182019202020212022Debt36.1734.9436.9340.0740.5338.63Equity69.5774.1176.9875.6787.488.46DE0.520.470.480.530.460.44Source: (Xuan, 2022)With debttoequity ratios of less than one throughout 20172022, the firms total debt is less than the equity. The companys activities are primarily funded by the owners capital investment and the accrued aftertax profit over time. This demonstrates that the Enterprise is financially selfsufficient and does not need excessive borrowing. Consequently, Honda is under a less financial strain, and interest and late payment charges are reduced, resulting in improved business outcomes.Figure 1: DE ratio of Global Honda Motor Company from 20172022 At the end of August 2022, Vietnam Engine and Agricultural Machinery Corporation(VEAM) officially disclosed the financial results for its activities from January 1, 2021, to January 23, 2012. As mentioned above, the number of dividends and earnings distributed by VEAM throughout the period is 12,117 billion dongs, which is the most remarkable figure in this report. The primary contribution is over 12,117 billion dongs in dividends, and the profit split from these joint ventures is 9,565 billion dongs shared by Honda Vietnam Company, Vietnams biggest motorbike producer today. Thus, using simple mathematics from the VEAM findings, it is reasonable to predict Honda Vietnam Companys profit after tax in 2021 in Vietnam to be over VND 28,800 billion, above the 1.2 billion USD level.3. Competitive positionThe major features of Vietnams automobile industryThe Vietnam Association of Motorcycle Manufacturers (VAMM) officially revealed the business results of VAMM 2020 members on January 14, 2021. Accordingly, overall sales in 2020 were more than 2.7 million automobiles, a 16.66% reduction from 2019. The five members (Honda, Piaggio, Suzuki, Yamaha, and SYM) sold more than 7,400 automobiles daily in Vietnam in 2020. Thus, the number of motorcycles sold per day declined by around 1,500 cars per day compared to 2019(Nguyen, 2022).Looking back at past years, the number of motorcycles in Vietnam increased yearly till 2018, indicating that Vietnam is a fertile market for motorcycle producers. However, beginning in 2019, the number of automobiles sold in Vietnam fell immediately before the onset of the Covid19 pandemic. And 2020 was a lousy year for Vietnams motorbike industry. Motorcycle sales, in particular, fell, with just 2.7 million units sold, a lower figure than in prior years.Honda Vietnams performance in comparison to competitors

TABLE OF CONTENTS Introduction .1 Financial performance Competitive position .4 The major features of Vietnam's automobile industry Honda Vietnam's performance in comparison to competitors Evaluation of Honda Motor Vietnam's position Non-financial performance Environmental aspect Social aspect Governance 10 Conclusion 11 Recommendation .12 References 14 i Introduction Honda Vietnam, founded in 1996, is a joint venture between Honda Motor Company (Japan), Asian Honda Motor Company (Thailand), and Vietnam Engine and Agricultural Machinery Corporation, with motorcycles and vehicles as its primary products (Anh, 2018) Honda Vietnam has been present in Vietnam for about 30 years and has grown to become one of the top firms in the area of motorcycle production as well as a prominent vehicle manufacturer in the Vietnamese market Recognizing that motorcycles remain the primary mode of mobility in Vietnam, Honda Vietnam strives to offer consumers high-quality motorcycle goods at competitive costs built in environmentally friendly facilities Honda Vietnam(HVN) has consistently spent establishing manufacturing facilities to fulfil the market's rising demand since entering the Vietnamese market In metropolitan areas, motorcycles account for over 90% of all vehicles (Chris, 2022) Honda Vietnam has six plants that manufacture and assemble bikes and motorbike components HVN debuted 18 models in 2022, with 07 being wholly new variants first formally offered in the Vietnam market The famous automobile range, which includes digital cars, scooters, and miniature clutches, remains the focus of HVN's goods The continuous introduction of models incorporating cutting-edge technologies, such as the new generation intelligent engine eSP +, traction control system, Honda SMART Key smart lock system, Bluetooth connectivity (SH150i; SH350i), and ABS anti-lock braking system, has contributed to the product range's completion Motorcycles are still the primary mode of transportation in Vietnam However, several estimates predict that the Vietnamese motorbike industry will be saturated by 2025(Team, 2022) Because for three years in a row, total market sales fell precipitously Moreover, the COVID-19 epidemic has affected the whole market, this reduction is unavoidable There is also supply chain disruption owing to raw material shortages and price inflation The facts, however, not lie about the Vietnamese motorbike market's success in the first six months of 2022 Statistics for the first and second quarters of 2022 show that VAMM members sold 753,571 automobiles, a 7.43% increase over the same time in 2021 VAMM's statistics are derived from the sales of digital cars, scooters, clutches, and sports vehicles by five-member automobile manufacturers: Honda, Piaggio, Suzuki, SYM, and Yamaha Meanwhile, the world's most prominent motorbike rating website, https://www.motorcyclesdata.com/, reported that the whole Vietnamese market sold 1,820,727 units in the first six months of the year, a 6.7% increase over the same time last year According to VAMM’s data, the electric vehicle category is expected to contribute 10% of industry sales in 2021 (up from 2.9% in 2018) and is the world's second-biggest market This research looks at Honda Vietnam's financial performance, competitive position, and non-financial performance As a consequence, this study assists readers in better understanding the elements influencing company performance and offers ideas to increase Honda Vietnam's operational efficiency Financial performance The debt-to-equity ratio demonstrates how much of a company's overall debt and equity structure is utilized to fund its operations Because the business's activities are significantly reliant on loans, including several shortterm obligations with payment cycles of less than a year, the higher this percentage, the greater the risk The debt-to-equity ratio may be computed using the following summary from Global Honda Motor Company's financial statements: Year: 2017 2018 2019 2020 2021 2022 Debt 36.17 34.94 36.93 40.07 40.53 38.63 Equity 69.57 74.11 76.98 75.67 87.4 88.46 0.52 0.47 0.48 0.53 0.46 0.44 D/E Source: (Xuan, 2022) With debt-to-equity ratios of less than one throughout 2017-2022, the firm's total debt is less than the equity The company's activities are primarily funded by the owner's capital investment and the accrued after-tax profit over time This demonstrates that the Enterprise is financially self-sufficient and does not need excessive borrowing Consequently, Honda is under a less financial strain, and interest and late payment charges are reduced, resulting in improved business outcomes Figure 1: D/E ratio of Global Honda Motor Company from 2017-2022 0.60 0.50 0.40 0.30 0.20 0.10 0.00 2017 2018 2019 2020 2021 2022 D/E ratio At the end of August 2022, Vietnam Engine and Agricultural Machinery Corporation(VEAM) officially disclosed the financial results for its activities from January 1, 2021, to January 23, 2012 As mentioned above, the number of dividends and earnings distributed by VEAM throughout the period is 12,117 billion dongs, which is the most remarkable figure in this report The primary contribution is over 12,117 billion dongs in dividends, and the profit split from these joint ventures is 9,565 billion dongs shared by Honda Vietnam Company, Vietnam's biggest motorbike producer today Thus, using simple mathematics from the VEAM findings, it is reasonable to predict Honda Vietnam Company's profit after tax in 2021 in Vietnam to be over VND 28,800 billion, above the 1.2 billion USD level Competitive position The major features of Vietnam's automobile industry The Vietnam Association of Motorcycle Manufacturers (VAMM) officially revealed the business results of VAMM 2020 members on January 14, 2021 Accordingly, overall sales in 2020 were more than 2.7 million automobiles, a 16.66% reduction from 2019 The five members (Honda, Piaggio, Suzuki, Yamaha, and SYM) sold more than 7,400 automobiles daily in Vietnam in 2020 Thus, the number of motorcycles sold per day declined by around 1,500 cars per day compared to 2019(Nguyen, 2022) Looking back at past years, the number of motorcycles in Vietnam increased yearly till 2018, indicating that Vietnam is a "fertile" market for motorcycle producers However, beginning in 2019, the number of automobiles sold in Vietnam fell immediately before the onset of the Covid19 pandemic And 2020 was a lousy year for Vietnam's motorbike industry Motorcycle sales, in particular, fell, with just 2.7 million units sold, a lower figure than in prior years Honda Vietnam's performance in comparison to competitors Despite the fall in sales, Honda continues to dominate the Vietnamese motorbike market Notably, Honda continues to "outsell" other companies in Vietnam in terms of sales and the number of motorcycles sold in 2021 According to Statista, Honda's automobile sales accounted for more than 76% of all vehicles sold in Vietnam Honda's earnings in 2021 accounted for 77.1% of the overall profit for automobile makers in Vietnam Figure 2: Vietnam motorbike market share 2021 Source: iMotorbike Honda Wave Alpha and Honda Vision are the two models with the most significant sales volume, according to Hanh(2021) These two models account for around 47% of Honda's sales According to the graph above, Suzuki and Piaggio sell 1.1% and 0.5% of all motors sold However, as seen in the table below, the sales split between Piaggio and Suzuki has shifted somewhat It demonstrates Piaggio's concentration on the higher-end category and a higher selling price As a result, even though the number of motobikes sold was lower, Piaggio's sales increased by 0.2% Figure 3: Revenue ratio of VAMM members Honda's overall assets in the Vietnamese market exceed 40,000 billion VND, and its equity exceeds 20,000 billion VND Honda has established a distribution network in Vietnam that includes over 800 Honda-authorized service and car dealerships and 107 repair facilities Other brands, on the other hand, have total assets of just a few thousand billion dongs, such as Yamaha, which has more than 6,300 billion dongs, Piagio, which has more than 3,700 billion dongs, and VMEP, which has more than VND 2,700 billion It is easy to observe that Honda Vietnam's high earnings have far outweighed the amount of money this company spends in Vietnam Yamaha came in second with a revenue of 16,870 billion dongs in 2021, accounting for barely one-sixth of Honda's sales Profit after tax was more than 2,100 billion dongs, a modest rise from 2018 Yamaha is well-known for vehicles such as the Exciter, Sirius, and Jupiter Figure 4: Daonh thu hãng sản xuất xe máy Vietnam Piagio placed third in revenue, with almost 6,700 billion VND in 2021, a 13% increase over 2020 Profit after tax increased by more than 20% to more than 700 billion VND Suzuki's income is around 3,000 billion VND per year, and VMEP/SYM is approximately more than 2,000 billion VND per year Only VMEP has made a loss in Vietnam during the last three years, with a projected loss of roughly 300 billion dongs in 2021 Evaluation of Honda Motor Vietnam's position Despite having to deal with a severe Covid-19 pandemic, as well as the effects of economic and political fluctuations and the global semiconductor shortage crisis, by the end of the fiscal year, 2022 (from April 2021) - March 2022), Honda Vietnam Company has achieved many successes, maintaining its market position in both the automobile and motorcycle business, while also making positive contributions to society Honda Vietnam's motorbike sales exceeded million units in 2022 (April 2021 - March 2022), cementing its position in the motorcycle industry with a market share of around 80%, a 2% rise over the previous year Honda Vietnam has applied modern technology to its products, such as a new generation intelligent laser welding stamping frame to improve frame performance and quality, a new generation intelligent engine eSP+ four valves, traction control system, Honda SMART Key smart locking system, Bluetooth connectivity (SH150i; SH350i), and ABS anti-lock braking system, as one of the pioneering manufacturers in technological innovation (Nga, 2022) During the last year, Honda Vietnam maintained an authorized system of 804 automobile sales and service shops and 31 repair and spare parts stations Regarding export, Honda Vietnam continues to execute the aim of encouraging exports, with the overall export volume of Honda Vietnam's complete CBU automobiles reaching about 207,000 vehicles and total export revenue reaching more than 462 million USD, up 25.5% from the fiscal year 2021 Honda Vietnam anticipates that CBU exports will exceed 225,000 units in the next fiscal year, representing a 9% growth over the fiscal year 2022 Non-financial performance ESG is an acronym for the first three letters of Environment, Social, and Governance (Hill, 2020) This is a collection of three criteria for measuring characteristics connected to company orientation and sustainable development initiatives ESG assists a company in identifying risks and opportunities, as well as the effect of risks and opportunities when applied to operations This section will teach you about Honda Vietnam from three ESG perspectives Environmental aspect Honda Vietnam regards environmental preservation as a critical and long-term obligation to exist and expand responsibly and become a firm that society expects HVN has successfully undertaken afforestation projects in two provinces, Hoa Binh and Bac Kan, under the motto "Together with Honda to maintain the green of Vietnam" since 2008 In addition to manufacturing and commercial operations, HVN is working to reduce CO2 emissions into the environment by implementing a life cycle management system for emissions and reforming means of transportation Due to the company's tight CO2 lifecycle management system, HVN has decreased indoor CO2 emissions by 1%, outdoor emissions by 1% in the last year, and 3.05% of CO2 emissions due to the move from trucks to trains or ships (Phuong, 2002) Social aspect Honda Vietnam is committed to demonstrating corporate social responsibility to its workers Honda Vietnam Trade Union, with over 10,000 workers, constantly gets special attention and timely instruction from the superior trade union in taking care of and preserving the natural and legitimate rights and interests of employees The Company's Board of Directors is constantly engaged in business, and most of its staff, workers, and employees have good professional competence and a strong feeling of responsibility in their job The expansion of the Company's production and commercial operations helps to better workers' lives, generate peace of mind in the workplace, and effectively accomplish the established plans At the same time, Honda Vietnam performs well in terms of corporate social responsibility to society Honda Vietnam has not only taught over 1,500 instructors for almost 700 HEADs and 14 Authorized Car Dealers (Pham, 2021) Still, it has also coordinated and supported Safe Driving in its strong and widespread deployment of driving consultancy efforts More than million consumers and locals engaged in safety driving instruction and promotion activities between 2007 and the end of December 2015 Honda Vietnam organized programs education "Traffic safety for children's smiles" and "Traffic safety for tomorrow's smiles" for primary and high school students across the country in 2008 and 2012, respectively, in collaboration with the Ministry of Education and Training, the National Traffic Safety Committee, and the Traffic Police Department, to improve their knowledge and build awareness about safe traffic Honda Vietnam has received several awards of recognition from government and municipal authorities for its efforts in traffic safety promotion and safe driving instruction for approximately million people nationally These awards recognize Honda Vietnam's outstanding contributions to a safe Vietnamese society and its ongoing efforts to become the corporation that society expects Among the activities contributing to society, Honda Vietnam places a specific emphasis on education, seeing it as an enterprise's duty and obligation to help create a bright future for Vietnam's young population Governance Honda Vietnam is committed to demonstrating corporate social responsibility to its workers Honda Vietnam Trade Union, with over 10,000 workers, constantly gets special attention and timely instruction from the superior trade union in taking care of and preserving the natural and legitimate rights and interests of employees (Malone, 2022) The Company's Board of Directors is constantly engaged in business, and most of its staff, workers, and employees have good professional competence and a strong feeling of responsibility in their job Expanding the Company's production and commercial operations helps to better workers' lives, generate peace of mind in the workplace, and effectively accomplish the established plans At the same time, Honda Vietnam performs well in terms of corporate social responsibility to society Honda Vietnam has not only taught over 1,500 instructors for almost 700 HEADs and 14 Authorized Car Dealers (Hanh, 2021) Still, it has also coordinated and supported Safe Driving in its strong and widespread deployment of driving consultancy efforts More than 10 million consumers and locals engaged in safety driving instruction and promotion activities between 2007 and the end of December 2015 Honda Vietnam organized programs education "Traffic safety for children's smiles" and "Traffic safety for tomorrow's smiles" for primary and high school students across the country in 2008 and 2012, respectively, in collaboration with the Ministry of Education and Training, the National Traffic Safety Committee, and the Traffic Police Department, to improve their knowledge and build awareness about safe traffic Honda Vietnam has received several awards of recognition from government and municipal authorities for its efforts in traffic safety promotion and safe driving instruction for approximately million people nationally (Nguyen, 2022) These awards recognize Honda Vietnam's outstanding contributions to a safe Vietnamese society and its ongoing efforts to become the corporation that society expects Among the activities contributing to the community, Honda Vietnam places a specific emphasis on education, seeing it as an enterprise's duty and obligation to help create a bright future for Vietnam's youngster Conclusion Honda Vietnam has achieved outstanding accomplishments and is consistently well-regarded by consumers With a debt-to-equity ratio always in the 0.44-0.53, the firm demonstrates its potential to be financially selfsufficient Honda Vietnam has maintained a system of 804 Honda-authorized service and vehicle shops and 31 Honda-authorized service and spare parts stations while expanding maintenance and service facilities around the country Despite the fall in sales, Honda continues to dominate the Vietnamese motorbike market Notably, Honda continues to outperform other companies in Vietnam in terms of sales and the number of motorcycles sold in 2021 Launching high-quality, durable automobiles at competitive pricing 11 is the first step in Honda's business plans when opting to participate in the Vietnamese market Honda's significant restriction was not in the strategy's conception and planning stages but rather in the strategy's execution phase Honda has made severe blunders due to its process of extending the distribution channel countrywide while failing to exercise adequate control over its branches, resulting in a "price gouging" that has lasted for many years Furthermore, Honda's technology for safeguarding secrets is ineffective; therefore, Honda's technology is often copied and caught up by rivals Recommendation Honda Vietnam may adopt various ways to increase company efficiency by learning about the Vietnam motor industry, financial performance, competitive position, and non-financial performance The first approach is to improve strategic business management The market economy expands and progressively integrates with the area and the globe, producing advantageous circumstances for firms while increasing the volatility of the business climate Firms must have a dynamic and offensive company strategy to endure unexpected changes in the business environment The quality of strategic planning and management impacts the existence and growth of businesses, as well as their competitive position and performance The second option is to adopt a strategy for product differentiation Motorcycle items on the Vietnamese market are now highly diversified and rich in colours and styles As a result, Honda Vietnam should not only focus on manufacturing bikes at affordable costs for working people but also develop a plan to innovate new products with high-quality, fashionable, unique, and appealing characteristics that meet the demands of the upperincome groups Only then can Hoda Vietnam genuinely dominate the Vietnamese market, respond to the needs of Vietnamese customers, and 12 reaffirm the top position of motorbike goods in the Vietnamese people's thoughts The third option is to improve labour credentials and motivation Creative labour is a critical aspect of corporate effectiveness Any firm must pay attention to the problem of recruiting, training, retraining, and retraining to consistently enhance the quality of the staff The management team, in particular, must be able to create plans, efficiently allocate resources, and react promptly to unanticipated changes in the business environment 13 References Anh, N (2018) Honda Vietnam surprised by introduction of 'Honda' electric motorcycles in Ho Chi Minh City, Tuoi Tre News, [online] Available at: 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Motorcycles - vietnam: Statista market forecast, Statista, [online] Available at: https://www.statista.com/outlook/mmo/motorcycles/vietnam (Accessed December 14, 2022) Team, M C D (2022) Vietnam motorcycles market - Data & Facts 2022: MotorcyclesData, Motorcycles Data, [online] Available at: 14 https://www.motorcyclesdata.com/2022/10/14/vietnam-motorcycles/? _gl=1%2A1px6zqi%2A_up%2AMQ %2A_ga %2AOTkzNTczMTc0LjE2NzEwMDY4MDI.%2A_ga_Q0PHN6Z2QT %2AMTY3MTAwNjgwMS4xLjEuMTY3MTAwNjkyMi4wLjAuMA (Accessed December 14, 2022) Xuan, T (2022) Honda Việt Nam công BỐ Kết Quả Kinh Doanh Tháng 9/2022, VAMM, [online] Available at: https://vamm.vn/honda-viet-nam-cong-bo-ket-qua-kinh-doanhthang-9-2022/ (Accessed December 14, 2022) 15 ... projects in two provinces, Hoa Binh and Bac Kan, under the motto "Together with Honda to maintain the green of Vietnam" since 2008 In addition to manufacturing and commercial operations, HVN is working... in particular, fell, with just 2.7 million units sold, a lower figure than in prior years Honda Vietnam''s performance in comparison to competitors Despite the fall in sales, Honda continues to. .. fall in sales, Honda continues to dominate the Vietnamese motorbike market Notably, Honda continues to outperform other companies in Vietnam in terms of sales and the number of motorcycles sold in