According to data compiled by Nikkei Asia from the automotive industry associations of the five largest ASEAN markets – Indonesia, Malaysia, Thailand, the Philippines, and Vietnam – a total of approximately 732,898 vehicles were sold in these countries, a 1.7% decrease compared to the same period last year.
In Vietnam, hybrid vehicles recorded the highest growth rate, increasing by 80% to 2,562 units. Toyota Motor, one of the most popular brands in Vietnam with a market share of about 14%, launched the Camry hybrid model last year. Suzuki Motor also contributed to this growth by introducing the hybrid version of their large SUV, the XL7, in September.
In terms of volume, commercial vehicles and trucks were the two segments that contributed the most to the growth, with sales increasing by 22% and 21%, respectively, reaching 15,445 and 13,400 units.
Mr. Thuc Than, an industry analyst at Viet Capital Securities, commented to Nikkei Asia: “We forecast a 15% increase in passenger car sales in Vietnam – excluding VinFast and some luxury brands – in 2025, thanks to improved consumer spending, attractive promotional programs, and the introduction of affordable models.”
However, he noted that this forecast does not take into account the possibility of adverse outcomes in tariff negotiations. “Our base case assumes that import tariffs in Vietnam will be higher than the average by 5-10%. Higher tariffs could negatively affect sales forecasts.”
According to the Vietnam Automobile Manufacturers Association (VAMA), excluding VinFast – a subsidiary of the Vingroup conglomerate listed on the Nasdaq – and Hyundai Motor, a Korean brand with cars assembled and distributed by the Thanh Cong Group in Vietnam, automobile sales in the first quarter reached 72,249 units, a 24% increase compared to the same period in 2024. Of these, passenger cars accounted for 51,089 units, a 22% increase; commercial vehicles reached 20,360 units, a 28% increase, and specialized vehicles attained 800 units, a surge of 104%.
VinFast sold 35,100 vehicles in the first quarter, while Hyundai sold 11,464 units. Adding these figures, the total automobile sales in Vietnam in the first quarter reached 118,813 units, surpassing the Philippines, which recorded sales of 117,074 units.
Among the five major markets, the Philippines also showed steady growth with a 7% year-on-year sales increase, reaching 117,074 units. While passenger car sales decreased by 13.7%, commercial vehicle sales rose by 13.9%. Electric and hybrid vehicles accounted for 5.73% of total sales, equivalent to 4,544 units.
In Thailand, automobile sales in the first quarter declined by 7% to 153,193 units. Sales of pickup trucks, a popular choice in Southeast Asia, dropped by 13% to 40,475 units, while sales of passenger cars with internal combustion engines fell by 14% to 37,555 units. In contrast, electric vehicle sales grew by 19% to 22,737 units, mainly driven by Chinese brands such as BYD, which saw a 2.8-fold increase in March sales compared to the previous year, reaching 3,204 units.
Automobile sales of the 5 largest ASEAN markets, as calculated by Nikkei Asia
On a quarterly basis, Thailand’s automobile sales increased by 14% compared to the fourth quarter of 2024, surpassing 150,000 units for the first time in the last four quarters, thanks to promotional campaigns and discounts offered by car companies. Previously, this market was affected by high household debt and tight credit policies implemented by banks.
In Malaysia, the second-largest market, first-quarter sales decreased by 7.4% to 188,100 units as the market stabilized after clearing backlogged orders from the previous year. However, in March, sales showed a slight improvement of 2.2% to 72,700 units compared to the same month in 2024, thanks to aggressive sales campaigns by car companies, according to a report by Hong Leong Investment Bank.
Malaysian automotive industry leaders predict that electric vehicle sales will continue to rise this year, with increasing competition from Chinese and domestic brands.
Last month, the national brand Proton announced that its first electric vehicle model, the e.MAS 7, launched in December, had received over 5,500 orders, with more than 1,800 vehicles already delivered. The second EV model, the e.MAS 5, is expected to be launched this year.
Jetour, a subsidiary of Chinese automaker Chery, is planning to assemble vehicles in Johor, Malaysia, in collaboration with the Berjaya Group, to offer more competitively priced cars. Periasamy Arumugam, a sales representative of Great Wall Motors, stated that around 13-14 Chinese automotive brands will enter the Malaysian market by the end of this year.
“Chinese brands are offering very competitive and affordable prices,” he told Nikkei Asia at the Malaysia Auto Show this month. He also mentioned that Malaysian consumers are “car crazy,” with a higher rate of car ownership per household compared to other countries in the region.
Jerry Chan, Jetour’s regional sales director, shared that the company aims to sell 3,000 vehicles in Malaysia this year. “Malaysian consumers prefer larger vehicles like SUVs. Currently, Jetour vehicles are assembled in China, but the next batch will be produced in Johor specifically for the Malaysian market,” he said.
Nikkei Asia
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