Explosive Sales, Vietnam’s Auto Market Revs Up for Growth

The Mitsubishi Xforce made it to the top 3 best-selling cars of the month. Photo by: Vinh Phuc.

The latest report from the Vietnam Automobile Manufacturers’ Association (VAMA) revealed that the Vietnamese automobile market witnessed a remarkable 135% month-over-month growth in March, with a total of 27,289 vehicles sold.

Breaking down the sales figures, passenger cars accounted for 19,014 units, while commercial vehicles and specialty vehicles recorded sales of 8,047 and 228 units, respectively.

Mitsubishi Xforce Makes a Surprising Entry

According to VAMA’s sales data, the Mitsubishi Xpander emerged as the best-selling car in Vietnam for March, with an impressive sales figure of 1,582 units. Following closely behind was the Ford Ranger, which sold 1,539 units, making it the second most popular car in the country for the month.

Notably, the all-new Mitsubishi Xforce, a newcomer to the market, recorded a remarkable sales figure of 1,334 units in its first month of sales. This impressive performance allowed it to surpass the Honda City and Hyundai Accent, securing its position as the third best-selling car in the Vietnamese automobile market.

With the addition of the Xforce, Mitsubishi now has two models in the top-selling list for the first time. In previous reports, the Xpander had been the sole model carrying the sales performance of Mitsubishi’s passenger car segment.

Passenger Cars: Mitsubishi’s Best-Selling Models in March
Top 10 Best-Selling Car Models in Vietnam for March (Data Source: VAMA, TC Motor)
Brand	Mitsubishi Xpander	Ford Ranger	Mitsubishi Xforce	Honda City	Hyundai Accent	Toyota Vios	Mazda CX-5	Ford Everest	Honda HR-V	Kia Sonet
	Units Sold	1582	1539	1334	1043	967	934	912	899	759	751

Similar to last year, the Honda City has once again started the year on a positive note, recording sales of 1,043 units in March. This performance placed it above the Hyundai Accent (967 units) in the list of the top 5 most favored car models by Vietnamese customers for the month.

The top 10 best-selling car models in Vietnam also included familiar names such as the Toyota Vios (934 units), Mazda CX-5 (912 units), Ford Everest (899 units), Honda HR-V (759 units), and Kia Sonet (751 units).

Booming Sales Performance

As mentioned earlier, the Vietnamese automobile market experienced a more than twofold increase in sales compared to the previous month. This impressive performance can be attributed to the positive growth witnessed by almost all car models with detailed sales data in the country.

A significant number of models recorded triple-digit growth in sales for the month. Notably, the Toyota Innova Cross witnessed a staggering 862% growth in sales, selling 231 units in March compared to just 24 units in February.

The Toyota Yaris Cross also achieved a remarkable 490% growth in sales, while the Toyota Vios saw a significant recovery with a 449% increase in sales for the month.

The market also welcomed the addition of 1,334 units of the Mitsubishi Xforce in its first month of sales, along with 38 units of the Suzuki Jimny that were delivered to customers in March. Additionally, the Honda Civic Type R and Suzuki Ciaz each recorded sales of one unit during the month.

Suzuki confirmed the delivery of 38 Jimny units to Vietnamese customers in March. Photo by: Vinh Phuc.

However, there were a few models that experienced a decline in sales, such as the Suzuki Swift, Honda Accord, and Toyota Corolla Cross. Notably, the Hyundai Stargazer and Toyota Yaris saw their sales drop to zero in March.

Nevertheless, the drop in sales for the Toyota Corolla Cross and Hyundai Stargazer can be attributed to the upcoming launch of new versions of these models. Toyota has confirmed that the 2024 Corolla Cross will arrive at Vietnamese dealerships in early May, while TC Motor has announced that they have sold out the current version of the Stargazer and are preparing to launch a new model.

Similarly, the Toyota Hilux, which has recorded zero sales for three consecutive months since the beginning of the year, will also be introducing three new versions to the Vietnamese market in the second quarter, with a starting price of 668 million VND.

Positive Signals in the Market

The significant growth in sales for March is just one of the positive signals coming from the Vietnamese automobile market.

According to a report published by the General Statistics Office, domestic automobile production recovered in the last quarter, with an estimated 24,500 cars rolling off assembly lines in Vietnam.

The increased production by automakers in March is seen as a positive response to the market’s improved performance after a relatively sluggish sales period.

Both assembled and imported cars witnessed strong growth in March, ensuring a sufficient supply for the market’s continued growth. Photo by: Viet Linh.

Additionally, according to the latest report from the General Department of Vietnam Customs, the number of completely built-up (CBU) cars imported into Vietnam in March reached 15,860 units, accounting for nearly half of the total number of cars cleared through customs in the first quarter.

The abundant supply of cars, coupled with the continuous launch of new models, introduction of upgraded versions, and price adjustments in favor of customers, are all expected to contribute to the recovery of the Vietnamese automobile market after a challenging start to the year.

However, the impact of the economic downturn still lingers, and experts predict that the Vietnamese automobile market will continue to face fluctuations in the coming months. Nonetheless, the strong sales growth of most models in March is expected to provide an important boost to help the market regain its momentum in the remaining months of 2024.