Bestselling Toyota Vios in December, but Xpander takes the sales crown

The Mitsubishi Xpander achieved sales of nearly 20,000 vehicles in 2023. Photo: Vinh Phuc.

According to a report on sales figures just released by the Vietnam Automobile Manufacturers Association (VAMA), the entire automobile market in Vietnam consumed 38,740 vehicles in the last month of 2023. This sales figure represents a 39% growth compared to the previous month and is the best sales record the Vietnamese market achieved last year.

Of these, the domestic assembled vehicle sales reached 24,044 vehicles in December 2023, a 33% growth compared to the previous month. Fully imported vehicles also recorded a growth rate of 49%, with sales of 14,696 vehicles in December 2023.

Thus, the total automobile market ended 2023 with a total sales figure of 301,989 vehicles, a 25% decrease compared to the sales figure achieved in 2022. The sales of domestically assembled vehicles reached 181,380 vehicles after 12 months, a 20% decrease; while imported vehicle sales decreased by 32% in 2023, totaling 120,609 vehicles.

Toyota Vios is the best-selling vehicle

In December 2023, the former champion, Toyota Vios, recorded a sudden growth rate of 94.2% compared to the previous reporting period. Specifically, the sales of this B-segment sedan in the last month of the past year reached 3,022 units, creating a lead of 213 units over the sales of the Mitsubishi Xpander during the same period.

Toyota Vios experienced strong sales growth in the last month of 2023. Photo: Minh Quan.

The best-selling MPV model of Mitsubishi Xpander in Vietnam achieved a total sales figure of 2,809 units in December, ranked second in the overall market. Hyundai Accent recorded a sales figure of 2,752 units in the last month of the year, ranking third among the best-selling vehicles of the month.

The remaining vehicle in the group of vehicles with sales figures above 2,000 units in December 2023 is the Mazda CX-5, which achieved a sales figure of 2,050 units, an increase of 323 units compared to the previous month. The Toyota Yaris Cross continues to maintain a position in the top 10 best-selling vehicles of the month with a sales figure of 1,558 units, marking the third consecutive growth since its launch in the Vietnamese market in the third quarter of 2023.

Mitsubishi Xpander – The new ruler of the Vietnamese vehicle market

Despite being ranked second in the sales figures for December 2023, the Mitsubishi Xpander still surpassed its pursuing competitors and officially became the best-selling vehicle in the entire Vietnamese market in 2023.

The total sales figure of the Mitsubishi Xpander in 2023 was 19,740 units, equivalent to an average monthly sales figure of 1,645 units in the Vietnamese market. At present, the Mitsubishi Xpander is enjoying a 50% vehicle registration tax incentive, while the Xpander Cross in Black Camo color is offered with a 100% vehicle registration tax incentive.

The competition for the second best-selling position in the overall market also fell through as Hyundai Accent surpassed the Mazda CX-5 thanks to a strong surge in sales in the last month of the year. Hyundai Accent had a total sales figure of 17,452 units after 12 months in 2023, while the Mazda CX-5 and Ford Ranger followed closely with sales figures of 16,808 units and 16,085 units respectively.

The top 10 best-selling vehicles in the Vietnamese market in 2023 show a noticeable shift in customer preferences. From the preference for sedans and small-sized low-ground vehicles, Vietnamese consumers have purchased more MPVs and urban SUVs in 2023.

This trend is likely to continue in 2024 as most of the new releases in 2023 are high-ground vehicles, and many of them have shown relatively stable performance.

Successful newcomers

The most prominent among the newcomers in the Vietnamese automobile market in 2023 is the Toyota Yaris Cross. Since its official launch in September 2023, the sales figure of this urban SUV has grown for 3 consecutive months, ending the year with 3,065 units sold, ranking below the Honda HR-V (3,804 units) and above the duo Mazda CX-30 (1,623 units) and Mazda CX-3 (1,534 units).

The Toyota Yaris Cross experienced 3 consecutive months of sales growth. Photo: TMV.

The remaining newcomers, such as the Honda BR-V (3,047 units), Hyundai Custin (1,662 units), Toyota Innova Cross (529 units), and Hyundai Palisade (413 units), have also achieved relatively stable growth since their launch. Meanwhile, the returning models to the market after a long hiatus, including the Toyota Wigo (1,748 units) and Toyota Hilux (134 units), have faced some challenges as their segments are being influenced by dominant competitors.

As for the Hyundai Venue, a small urban SUV that was only introduced by the South Korean automaker in the last month of the year, despite humble sales of 180 units, this segment has become more dynamic after the adjustment in pricing by the Toyota Raize will undoubtedly lead to interesting developments in 2024.

What to expect in the coming year?

Facing the increasingly strong wave of electrification, the Vietnamese automobile market is likely to face various impacts in 2024.

Last year, automakers introduced many models with hybrid engines to the Vietnamese market, including the Toyota Innova Cross HEV, Toyota Yaris Cross HEV, and Honda CR-V e:HEV.

Prior to that, the Vietnamese market saw hybrid vehicles such as the Suzuki Ertiga Hybrid, Toyota Corolla Cross HEV, Nissan Kicks, Hyundai Santa Fe Hybrid, Kia Sorento Hybrid, while the MG HS, Mitsubishi Xpander Hybrid, and Honda HR-V Hybrid are predicted to make their debut in 2024.

The Honda CR-V e:HEV RS is one of the newcomers in the green vehicle segment in Vietnam. Photo: Vinh Phuc.

In addition, Vietnamese consumers now have the option of pure electric vehicles as well. In the affordable segment, VinFast and Wuling offer a range of models from urban to large-sized SUVs depending on customers’ needs. The wave of affordable electric vehicles from China is also likely to enter Vietnam soon after successfully conquering neighboring countries such as Thailand and Malaysia.

Considering each segment separately, pricing or incentivized programs and promotions from automakers and dealerships will be a decisive factor in the success of a model or an automaker in 2024. Supply sources will also cause fluctuations in the sales race as imported vehicles are unlikely to compete with domestically assembled vehicles in this regard.

As mentioned above, the shift towards high-ground vehicles by Vietnamese consumers also poses a threat to the market share of sedans and A-segment vehicles. However, unlike the situation in the economy car segment, mainstream sedan models such as the Toyota Vios, Hyundai Accent, and Honda City may still have a place in the Vietnamese market, at least until the end of 2024.

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