The Vietnamese Auto Market Continues to Shatter Sales Records

The fourth reduction in registration fees for domestically assembled cars is continuing to extend the growth streak of automobile sales in Vietnam.

The latest report from the Vietnam Automobile Manufacturers’ Association (VAMA) shows that the total market sales in October reached 38,761 units, a 6% increase from the previous month and a 53% surge compared to the same period last year.

Consecutive Record-Breaking Sales

The policy of preferential registration fees for domestically assembled cars, implemented since September, immediately had a positive impact on the Vietnamese car market. At that time, Vietnam’s automobile sales reached 36,585 units, the highest since the beginning of the year.

In October, the peak monthly sales of the Vietnamese car market were surpassed again with 38,761 units delivered to customers. This number includes 21,113 domestically assembled cars (up 8%) and 17,648 imported cars, equivalent to a 3% growth.

SUh,8920

The two-month application of a 50% discount on registration fees also helped tilt the sales balance back in favor of domestically assembled cars. Prior to that, during the period from May to August, imported cars consistently outsold domestically assembled ones.

Cumulative sales from the beginning of the year show that Vietnamese consumers have purchased a total of 264,344 automobiles of various types, a 12% increase over the same period last year.

This number includes 134,754 domestically assembled cars and 129,590 imported cars. Compared to the first ten months of 2023, sales of domestically assembled cars decreased by 3%, while sales of imported cars grew by 35%.

The preferential registration fee policy will last until the end of November. Historically, car buying trends tend to show strong growth in the last month of the year, so it is likely that the growth trajectory of automobile sales in Vietnam will continue through December.

Electric Vehicles Reach Peak Sales

Sales reports from VAMA, TC Motor, and VinFast show that in October, VinFast’s two urban electric vehicle models, the VF 3 and VF 5, were the best-selling cars in Vietnam.

The VF 3’s sales reached nearly 5,000 units, while the VF 5 also sold more than 2,600 units to Vietnamese customers.

VinFast VF 3 tops the sales chart for the first time. Photo: Phương Lâm

The Mitsubishi Xpander and Mazda CX-5 were the next two models with sales of over 2,000 units in October. The Ford Ranger completes the top 5 best-selling cars with 1,881 units sold.

The remaining names in the list of the top 10 best-selling cars in Vietnam include the Toyota Vios (1,757 units), Honda City (1,670 units), Toyota Yaris Cross (1,510 units), Mitsubishi Xforce (1,481 units), and Hyundai Accent (1,425 units).

In addition to the two VinFast electric vehicle models, which are currently subject to a 0% registration fee until the end of February 2025, the top 10 best-selling cars in October include several domestically assembled models, thus benefiting from the 50% registration fee discount. This group includes the Mazda CX-5, Toyota Vios, Honda City, and Hyundai Accent.

For models sold in Vietnam that include both imported and domestically assembled versions, such as the Mitsubishi Xpander and Ford Ranger, or those that are entirely imported like the Mitsubishi Xforce and Toyota Yaris Cross, each manufacturer also offers separate promotional programs in the form of supporting a 50% registration fee reduction, similar to the locally assembled cars.

Unpredictable Sales Race

VinFast has delivered a total of more than 51,000 electric vehicles to Vietnamese customers since the beginning of the year, temporarily surpassing Toyota (49,239 units) and Hyundai (40,161 units) to become the brand with the highest sales of passenger cars in Vietnam.

The Vietnamese car market in 2024 has two more months left before the curtain falls. The outcome of the sales race has not yet been decided, but VinFast, Toyota, and Hyundai are very likely to be among the first five brands in terms of sales volume in Vietnam.

VinFast and Toyota are currently the two brands with the highest sales of passenger cars.

The two urban electric vehicle models, VF 3 and VF 5, are also likely to rank among the top-selling cars in Vietnam.

VinFast aims to deliver a minimum of 20,000 VF 3 units to Vietnamese customers this year. In July, the Vietnamese electric carmaker announced that the VF 5 had accumulated sales of approximately 15,000 units in Vietnam.

Mitsubishi Xpander has accumulated sales of 15,087 units in the first ten months, while the Ford Ranger has sold 13,647 units to Vietnamese customers.

With the current sales momentum, the Mitsubishi Xpander still has a chance to reach the 20,000-unit sales threshold in 2024. Last year, the small MPV from Mitsubishi claimed the top spot with a total of 19,740 units sold in Vietnam.

You may also like

The All-New Mazda Compact SUV: Unveiling Soon in Southeast Asia

In an exciting development, Mazda has unveiled its plans to introduce a new range of vehicles to the Southeast Asian market over the next three years. This ambitious strategy underscores the brand’s commitment to expanding its presence and offering diverse options to customers in the region. With a focus on innovation and meeting the evolving needs of drivers, Mazda is poised to make a significant impact in the dynamic and rapidly growing Southeast Asian automotive landscape.

The American Market’s Shift in Preference: Downsizing from Large Cars to Affordable, Compact Vehicles

Soaring gas prices and hefty monthly expenses have Americans seeking more affordable options. This shift in consumer behavior has led to a rising interest in smaller, more economical vehicles. The focus on cost-effective choices doesn’t mean a compromise on quality or features, but rather a smarter approach to car ownership.

Small Cars, Big Impact: How Electric Vehicles are Revving Up the Auto Industry

The A-segment cars are facing a challenging market, with a shrinking share as small electric vehicles are gaining traction in Vietnam.

A Tough Year for European Automakers in China

The German automotive industry giants, Porsche, Audi, Volkswagen, and Mercedes-Benz, experienced a slump in their 2024 sales figures in the world’s most populous market.

“Express Your Unique Self: The VinFast VF 3 Customization Contest”

On February 24, 2025, VinFast launched an exciting contest, “VF 3 – Express Your Unique Style,” exclusively for VF 3 car owners in Vietnam.