The Vietnamese automotive market witnessed several notable events in 2024, especially the fluctuation in sales and market share of various automobile brands.
Previously, when it came to the best-selling automobile brands in the Vietnamese market, Toyota and Hyundai were often the first to be mentioned. However, this completely changed in 2024 as VinFast rose to the top.
According to VinFast’s announcement, the brand delivered a total of more than 87,000 vehicles to Vietnamese customers in 2024, achieving a growth rate of 149.6% compared to 2023 and surpassing its global delivery target. With this remarkable result, VinFast became the automotive brand with the largest market share in Vietnam. This success is attributed to its two flagship models, the VF 5 and VF 3, which sold 32,000 and 25,000 units, respectively, in 2024.
VinFast currently offers a diverse range of products, spanning from mini cars to E-segment SUVs. Recently, VinFast also launched four new models in the Green line, optimized for commercial transportation services, promising to further boost the brand’s sales performance in 2025.
Hyundai took second place in the Vietnamese market in 2024, with cumulative sales of 67,450 vehicles, a slight decrease of 0.4% compared to 2023. However, when considering only passenger cars, Hyundai lagged behind Toyota. Throughout 2024, Hyundai introduced new generations of popular models such as the Accent, Tucson, Santa Fe, Grand i10, and Stargazer. Additionally, Hyundai actively reduced the listed prices of the Santa Fe, Tucson, and Creta models to attract domestic customers.
Toyota secured the third position in the market. In 2024, excluding Lexus, Toyota sold 66,576 vehicles in Vietnam, a growth of 15.9% compared to the previous year. The brand’s mainstay models, Vios and Yaris Cross, contributed significantly to this success. Similar to Hyundai, Toyota also reduced the listed prices of some models in 2024, including the Vios and Yaris Cross, while introducing new versions of the Corolla Cross, Land Cruiser Prado, Alphard, and Hilux, among others.
Ford had a remarkably successful year in the Vietnamese market, achieving a record-breaking sales figure of 42,175 units, a 10% increase compared to 2023, placing them fourth in the market. This accomplishment can be attributed to the outstanding sales performance of the Ford Ranger, Everest, and Territory trio. Ford introduced new equipment packages for these three models and launched a new generation of the Ford Transit, contributing to its positive growth. Additionally, Ford reduced the listed price of the Territory SUV to attract customers in the C-SUV segment.
Mitsubishi ranked fifth, with a cumulative sales growth of 33%, amounting to 41,198 vehicles. This impressive performance was largely due to the Mitsubishi Xpander and Xforce models, which sold 19,498 and 14,407 units, respectively, both leading their respective segments. Notably, the Mitsubishi Xpander was the best-selling gasoline and diesel car in the Vietnamese market in 2024. However, other Mitsubishi models, such as the Triton, Outlander, Pajero Sport, and Attrage, did not perform as well with Vietnamese consumers.
Kia, distributed by THACO Auto, ranked sixth, with sales of 34,570 units in 2024, a 15.2% decrease compared to the previous year. This decline was mainly due to the underperformance of key models such as the Seltos, Sonet, and K3. Kia also introduced new versions of several models, including the Seltos, Sonet, and Carnival, in 2024.
Mazda faced a challenging year, with a 9% decline in sales to 32,601 units in 2024. While the Mazda CX-5 remained the best-selling model in the high-chassis vehicle segment in Vietnam, its sales decreased significantly by 12% to 14,781 units. Additionally, Mazda lacked other strong-selling models, as both the Mazda3 and Mazda2 lost their momentum, impacting the brand’s overall sales performance.
Honda secured the eighth position in the market, with cumulative sales of 28,267 units, reflecting an 18.7% growth. The Honda City and CR-V continued to be the mainstays of Honda’s automotive division, with sales of 10,500 and 6,688 units, respectively, in 2024. The Honda HR-V also showed significant improvement, selling 6,230 units. However, other Honda products did not perform as well due to high prices and unstable supply.
Isuzu ranked ninth, with sales of 10,522 units, a 21.3% increase. However, it is important to note that Isuzu’s sales were primarily driven by its commercial vehicle segment. In contrast, its passenger car segment had modest sales of only 806 units, comprising 559 D-Max and 247 mu-X vehicles.
Rounding out the top 10 was Suzuki, with sales of 10,262 units in 2024, a 22.9% decrease compared to the previous year. Similar to Isuzu, Suzuki’s performance was heavily reliant on its commercial vehicle segment. Its passenger car sales contributed only 5,024 units to the total, just half of its overall sales. This decline can be attributed to the discontinuation of several Suzuki passenger car models in 2024, including the Ciaz, Swift, and Ertiga. The Ciaz is expected to re-enter the Vietnamese market soon as an imported vehicle from Japan rather than Thailand. Currently, the XL7 is Suzuki’s flagship model, but its sales performance has not been remarkable.
[Visual representation of the data with a table and an image]
| Rank | Brand | 2024 Sales | 2023 Sales | Growth Rate |
| 1 | VinFast | 87,000 | 34,855 | +149.6% |
| 2 | Hyundai | 67,168 | 67,450 | -0.4% |
| 3 | Toyota | 66,576 | 57,414 | +15.9% |
| 4 | Ford | 42,175 | 38,322 | +10% |
| 5 | Mitsubishi | 41,198 | 30,894 | +33% |
| 6 | Kia | 34,570 | 40,773 | -15.2% |
| 7 | Mazda | 32,601 | 35,632 | -9% |
| 8 | Honda | 28,267 | 23,802 | +18.7% |
| 9 | Isuzu | 10,522 | 8,671 | +21.3% |
| 10 | Suzuki | 10,262 | 13,317 | -22.9% |
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