The Vietnamese Auto Industry’s Festive Slump: Why Car Sales Stalled During Tet

The Vietnam Automobile Manufacturers’ Association (VAMA) reported that in the first month of the year, the Vietnamese market consumed a total of 18,893 automobiles of all kinds, a 40% decrease from the previous month and 2% lower than the same period last year.

The sales of assembled cars in the first month were 9,120 units, a 29% decrease from the previous month. The consumption of imported cars also decreased by 48%, with 9,773 units sold during the Lunar New Year holiday.

Best-Selling Electric Car

Also in January, according to exclusive sources, VinFast successfully delivered more than 10,000 electric vehicles of various models to Vietnamese customers. This figure continues to solidify VinFast’s position as the best-selling car brand in Vietnam.

VinFast’s current flagship models are the VF 3 and VF 5, with sales of over 4,000 units and 3,300 units, respectively. These two urban electric SUVs are also the best-selling models in Vietnam in the first month of the year.

The former champion, Mitsubishi Xpander, experienced a dip with only 808 units delivered to Vietnamese customers in the first month of 2025. Ford Ranger and Mazda CX-5, with sales of 1,115 units and 1,000 units, respectively, surpassed the Mitsubishi Xpander in the list of best-selling cars.

The remaining names in the top-selling list for January include Ford Territory (700 units), Toyota Yaris Cross (645 units), Honda City (568 units), Mitsubishi Xforce (552 units), and Hyundai Accent with 530 units delivered to Vietnamese customers in the first month.

Sales Slowdown During Tet Holiday

As mentioned, the total car sales in Vietnam, as reported by VAMA, decreased by 40% compared to December 2024. This downward trend in sales actually started in the last month of the previous year, right after the period of preferential registration fees for assembled cars ended.

TC Motor attributed the weak sales in the first month mainly to the coincidence with the Tet holiday season. This led to a restrained purchasing mentality among customers, resulting in a sales decline for Hyundai specifically and the overall market in general.

Therefore, TC Motor expects that after the Tet holiday period, when the market stabilizes, sales will grow higher in the following months.

Last year, car sales in Vietnam also hit a low in February 2024, when car dealerships and Vietnamese customers celebrated the Lunar New Year. At that time, the number of cars sold in Vietnam was 11,633 units, including 6,662 assembled cars and 4,971 imported cars.

However, the Vietnamese car market quickly recovered in the latter part of the year thanks to the three-month reduction in registration fees. At the end of 2024, VAMA announced that the total car sales in Vietnam reached 340,142 units, a 12.6% increase compared to 2023.

Awaiting New Growth Drivers

The Vietnamese car market has witnessed growth drivers from various segments, such as B-size SUVs, MPVs, and, most recently, the wave of electrification.

This year, hybrid models are likely to play a similar role, serving as a growth driver for the overall market and helping Vietnamese customers transition to pure electric vehicles.

In the first month of the year, the hybrid versions of several car models in Vietnam recorded impressive sales figures.

The hybrid versions of the Corolla Cross and Camry outsold their gasoline-only counterparts. Photo: TMV.

The most notable was the Toyota Corolla Cross 1.8HEV, with sales of 230 units, becoming the best-selling hybrid car in Vietnam. The gasoline-only variant of this B-size SUV recorded sales of 130 units in the same period.

The Toyota Camry, a well-known D-segment sedan, also performed well in January, with its two hybrid variants contributing 81 units to the model’s total sales of 146 units.

The Toyota Innova Cross HEV also had a relatively successful start to the year, selling 222 units. The gasoline-only version of this mid-sized MPV recorded sales of 258 units in the first month.

For the Honda CR-V, the hybrid version accounted for 180 units, equivalent to nearly 40% of the total sales of this C-size SUV. The Suzuki XL7 Hybrid also sold 133 units, making it one of the best-selling hybrid cars in Vietnam.

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