New vehicle sales in Vietnam surged by 50% to 35,114 units in October 2024 from 23,458 units a year earlier, according to wholesale data released by the Vietnam Automotive Manufacturers Association (VAMA).
The data do not include sales from Mercedes-Benz, Hyundai, Tesla, Nissan, or a growing number of Chinese brands that have entered the market in the last two years, nor does it include sales from domestic electric vehicle manufacturer VinFast. Separate data released by the Government’s General Statistics Office shows that total vehicle sales across all brands amounted to 56,301 units in October, including 18,101 imports.
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Last month marked the seventh consecutive month of growth for the vehicle market, with the recovery from last year’s depressed levels continuing to gather pace. Sales were driven by heavy discounting by dealers and by the 50% vehicle registration tax discount introduced by the government in September, which is effective for three months.
Overall economic growth in the country accelerated to 7.4% year-on-year in the third quarter, up from 7.1% in the second quarter, driven by an almost 16% surge in exports, while domestic consumption expanded by 7%.
VAMA’s member data shows the market expanded by 7% to 228,968 units in the first ten months of 2024 from 213,588 units a year earlier, with passenger vehicle sales increasing by 4% to 169,363 units while commercial vehicle sales rose by 17% to 59,605 units.
Truong Hai (Thaco) Group, the local assembler and distributor of several overseas brands and a major player in the commercial vehicle segment, reported a 7% drop in group sales to 71,251 units year-to-date. This includes a 15% drop in Kia sales to 27,219 units and a 9% decline in Mazda sales to 25,207 units, while sales of Thaco commercial vehicles increased by 9% to 14,718 units.
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By GlobalDataToyota’s ten-month volumes increased by 16% to 49,239 units, with sales of the Hilux pickup truck stepped up in recent months. Ford’s sales rose by 12% to 33,090 units, underpinned by the popular Ranger, Everest, and Transit models, while Mitsubishi’s sales increased by 34% to 32,334 units – lifted by the launch of the XForce SUV at the beginning of the year. Honda followed with 21,260 sales (+23%), while Suzuki delivered 8,724 units (-24%).
The latest data released by Hyundai’s local distributor showed that 40,907 vehicles were sold under the South Korean brand in the first nine months of 2024, while VinFast’s global sales more than doubled to 43,659 units in the same period. The Vietnamese automaker is targeting 80,000 global sales or the full year as it continues to expand into new markets worldwide.
The Vietnamese government confirmed it will keep the registration tax for battery electric vehicles (BEVs) at 0% until 2026, while the special consumption tax will remain between 1% and 3%, as part of a broader package of incentives aimed at attracting BEV sector investment into the country— including preferential import duties on components and charging equipment.
