Vietnam’s car market continues to decline, but electric cars still sell the best.

The VinFast VF 8 is the best-selling car in Vietnam in May. Photo: Bối Hạ.

The latest report from the Vietnam Automobile Manufacturers’ Association (VAMA) shows that in May, the entire Vietnamese automobile market consumed a total of 20,726 vehicles, a decrease of 8% compared to April and a 53% decrease in sales compared to the same period last year.

Compared to the previous reporting period, sales of passenger cars decreased by 8%. Commercial vehicle sales also decreased by 6% while the consumption of specialized vehicles recorded a decrease of up to 16%.

Electric cars continue to lead

Sales report from VinFast shows that in May, the electric car company has delivered a total of 1,274 VF 8 vehicles to Vietnamese customers. Thus, VinFast electric cars have once again topped the entire market in terms of sales, after VF e34 took the top spot in the April report.

In May, the entire Vietnamese market only recorded 4 names with sales of more than 1,000 vehicles, including VinFast VF 8, Mitsubishi Xpander, Honda City, and Toyota Corolla Cross.

Among them, Mitsubishi’s small MPV achieved sales of 1,171 vehicles and continued to be the second best-selling car in the overall market. Honda City, for the second consecutive time, topped the B-segment sedan segment with sales of 1,035 vehicles in May, while Toyota Corolla Cross showed strong sales in the urban SUV segment with 1,014 vehicles in the same period.

Despite a nearly 60% decrease in sales in May, VinFast VF e34 still recorded consumption of 960 vehicles, taking the remaining position in the top 5 best-selling cars in Vietnam. Meanwhile, Ford Ranger decreased by nearly 35% in sales, delivering only 932 vehicles (including 150 Ranger Raptor) and accepting the 6th position in terms of consumption in the past month.

Thus, the Vietnamese automobile market in 2023 will no longer have any models capable of maintaining regular sales of over 1,000 vehicles per month. Previously, only Hyundai Accent achieved this feat in the first 4 months of the year.

As for Toyota Vios, it has not shown any positive signals after the introduction of the facelift version to Vietnamese customers. The sales of the best-selling B-segment sedan in Vietnam in 2022 only reached 586 vehicles, widening the gap with competitors such as Hyundai Accent or Honda City.

Sales decrease but becomes less negative

Among the detailed sales figures of vehicles in the Vietnamese automobile market, there are 36 names that decrease in sales compared to April, but at the same time, the number of vehicles maintaining or improving sales also reaches 27.

Thanks to this, the overall sales of the Vietnamese automobile market only decreased by 8% compared to the previous month, a significant improvement from the 25% decline recorded in April.

However, the rapid increase in car purchases during the preferential fee period last year has made the accumulated sales of the Vietnamese automobile market still 36% lower than the same period of 2022.

domestically assembled cars achieved cumulative sales of 62,096 vehicles, a 43% decrease compared to the same period last year. At the same time, imported vehicles only achieved sales of 51,431 vehicles in the first 5 months of the year, down 23% compared to the same period of 2022.

It is likely that the sales of the Vietnamese automobile market will gradually improve from June due to the 50% preferential fee policy implemented by the Government, which may officially start next month.

The incentives related to the operational costs of cars are expected to stimulate domestic demand, boost the market’s purchasing power, and improve sales figures, similar to previous implementing periods.

Slow-selling cars: Newcomers and familiar faces

In May, the surprising sales report only recorded the sale of one Suzuki Ertiga AT in the Central region.

Previously, when the hybrid version of this MPV was introduced to Vietnamese consumers, the regular sales of Suzuki Ertiga fell below 5 vehicles per month since August 2022 before falling to zero sales in the first 4 months of 2023.

Meanwhile, Honda Civic Type R, in its first month of delivery to Vietnamese customers, only recorded modest sales of 2 vehicles. However, similar to some other high-priced and distinctive segment cars, the low consumption of Honda Civic Type R can be explained.

Honda Civic Type R achieved sales of 2 vehicles in its first month of delivery to Vietnamese customers. Photo: Anh Xuân.

In contrast, VinFast VF 5 Plus, in its second month of delivery to Vietnamese customers, achieved sales of 332 vehicles, equivalent to a growth rate of over 822% compared to the previous reporting period.

Thanks to that, the small electric SUV of VinFast has become the fastest-growing model in terms of sales in May, a time when the Vietnamese automobile market has shown signs of recovery.

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