The Big Three: Which Cars Did Vietnamese Buy Most During the Three-Month Registration Fee Reduction?

The fourth promotional period for registration fee discounts for domestically assembled cars in Vietnam lasted only three months at the end of 2024, but it had a relatively positive effect. During the September-November period, the Vietnamese car market continuously broke sales records, with new peaks being set.

Sales nearly doubled

Reports published by the Vietnam Automobile Manufacturers’ Association (VAMA) show that during the three-month registration fee discount period, the sales volume of domestically assembled cars in Vietnam reached 65,727 units, averaging 21,909 cars per month.

The highest sales volume of 25,114 cars was recorded in November, when the policy of reducing the registration fee by 50% for domestically assembled cars expired.

In the eight months before the registration fee reduction, the sales volume of domestically assembled cars in Vietnam was 94,141 units, averaging 11,768 cars per month.

Thus, thanks to the registration fee reduction policy, the sales volume of domestically assembled cars in Vietnam improved nearly twofold.

From the beginning of the year, Vietnamese customers have purchased 159,868 domestically assembled cars of various types, tilting the sales balance back in favor of domestic cars after many consecutive months of dominance by imported cars.

Compared to the same period last year, the sales volume of domestically assembled cars in Vietnam increased slightly by 1.6%, while the imported car group saw a sales increase of up to 40%, reaching 148,676 units.

Electric cars take the lead

In Vietnam, pure electric cars are still enjoying a 0% registration fee rate as stipulated in Decree 10/2022 issued by the Government. Within three years from the effective date of March 1, 2022, the registration fee for electric cars running on batteries will be 0% for the first time, and then adjusted to 50% in the following two years from March 1, 2025.

For a pure electric car brand that assembles all its products domestically like VinFast, it is not surprising that their sales benefited from the above policy.

According to the company, during the three-month registration fee incentive period for domestically assembled cars, VinFast’s sales in Vietnam reached 36,300 units. In particular, more than 16,000 VinFast electric cars were delivered to Vietnamese customers in November alone.

Toyota ranked second in the number of cars sold to Vietnamese customers during the three-month registration fee discount period. The company has several car models assembled domestically, such as the Toyota Vios (with sales of 5,736 units during the September-November period), Toyota Veloz Cross (3,354 units), and Toyota Avanza Premio (672 units).

Hyundai is one of the most popular car brands that assembles many products in Vietnam. In the company’s passenger car portfolio, except for the Hyundai Stargazer, which is imported from Indonesia, all other models are domestically assembled.

During the registration fee incentive period, Hyundai sold 21,739 passenger cars to Vietnamese customers. In the November report, the South Korean company reported sales of 9,224 units, with up to three models in the top-selling list for the month, including the Hyundai Accent, Hyundai Tucson, and Hyundai Creta.

Mitsubishi does not have many domestically assembled products, but its sales are still among the best in Vietnam thanks to its flagship models such as the Mitsubishi Xpander and Mitsubishi Xforce.

Throughout the three-month registration fee discount period, the Japanese company continuously offered incentives in a similar form for all passenger car products. As a result, Mitsubishi’s sales volume during the September-November period reached 14,842 units, ranking fourth in Vietnam.

Kia and Ford are the next best-selling car brands in Vietnam during this period, with sales of 13,585 and 12,701 units, respectively. Mazda recorded sales of 12,064 units in the three-month registration fee discount period, while Honda sold 11,846 cars to Vietnamese customers.

The Japanese car brands Suzuki and Isuzu are at the bottom of the sales chart for passenger cars in Vietnam during the September-November period. It is not surprising that these two companies have low sales as they do not offer many passenger car options in Vietnam.

Best-selling domestically assembled car model

VinFast does not disclose detailed sales figures for each model in the year-end period, so their electric cars are not included in the statistics for the best-selling domestically assembled car models during the registration fee discount period.

Sales data published by VAMA and TC Motor show that the best-selling domestically assembled car model during the three-month registration fee discount period was not the Ford Ranger, Hyundai Accent, Toyota Vios, or Honda City, but the Mazda CX-5, with 6,272 units delivered to Vietnamese customers.

The C-size SUV from the Japanese brand is experiencing a boom in sales, similar to the trend in the last months of the previous year. Since July, Mazda CX-5 sales have grown continuously, with sales of the C-SUV surpassing the 2,000-unit mark in October and November.

The Toyota Vios also had a good sales performance at the end of the year, with 5,736 units sold from September to November. Other domestically assembled car models with good sales during this period include the Honda City (5,587 units) and the Hyundai Accent (4,767 units).

The domestically assembled versions of the Ford Ranger sold 4,658 units during this period, contributing significantly to the sales performance of the “king of pickup trucks” in the Vietnamese market.

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