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Hamilton won his fifth world title this season after propelling Vettel into the drivers' championship for the second year in a row.
The Brit made a great performance in the second half of the campaign, opening a gap of 88 points to his closest rival.
Ferrari has not won the first prize in motorsport for 12 years and their drought will continue for at least 12 months.
But Arrivabene thinks that Vettel will come back stronger in 2019 to try to break the domination of Mercedes.
"In the last few races we have seen that the real Vettel is back," Arrivabene told Sky Italia.
"Every human being goes through ups and downs and you do not have to point at an individual.
"We were all expecting more of ourselves in 2018. You win and lose together, we have made progress, but we have finally lost.
"We are in second and third place in the Drivers' Championship, but in Formula 1, only the winner counts.
"But the second and third are better than the fourth or fifth."
Meanwhile, Vettel is now enjoying a well-deserved break before launching another title challenge next year.
"I think I need time for myself," Vettel said.
"I think this year has been pretty difficult and exhausting for me. I really need a little space.
"Looking back, I was not at the top of my form.
"I think I know what I have to do. Certainly, here and there, looking back, I have not been at the top of my form.
"I look at myself first, I think I can be better than I was sometimes this year."
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