Vietnam’s new vehicle market declined by 6% to 15,676 units in January 2025 from 16,697 units a year earlier, according to wholesale data released by the Vietnam Automotive Manufacturers Association (VAMA). The data do not include sales by Mercedes-Benz, Hyundai, Tesla, Nissan, domestic automaker VinFast, and a growing number of Chinese brands that have entered the market in the last two years.
VAMA’s members reported a more moderate year-on-year sales decline last month, after volumes plunged by 25% to 27,403 in December following the expiry of a temporary 50% vehicle registration tax discount at the end of November 2024. Sales in January were also affected by the Lunar New Year holidays.
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Economic growth in the country remains strong, with fourth-quarter GDP growth at 7.5% according to government data, driven by strong domestic consumption, fixed investment and exports.
Sales of passenger vehicles fell by 11% to 11,057 units in January, while commercial vehicle deliveries increased by 7% to 4,619 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 5% sales decline to 5,196 units. This includes a 22% drop in Kia sales to 1,846 units, while Mazda sales increased by 3% to 2,031 units and sales of Thaco commercial vehicles surged by 34% to 1,010 units.
Toyota’s sales jumped by 52% to 3,346 units last month, while Ford’s sales dropped by 22% to 2,452 units; Honda 1,826 units (-10%); and Mitsubishi 1,716 units (-4%).
Domestic automaker VinFast said it delivered more than 10,000 vehicles globally in January, with the VF3 and VF5 its best-selling models, while local distributor Tan Chong International said its sales of Hyundai-branded vehicles fell by 14% to 3,074 units.
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By GlobalDataFrom the end of February, battery electric vehicles (BEV) will no longer be exempt from the vehicle registration tax. These vehicles will still enjoy a 50% discount compared with conventional internal combustion engine (ICE) vehicles, amounting to around 5% of the total cost of the vehicle.
