What Cars Have Vietnamese Been Buying Since the Start of the Year?

The Vietnamese automotive market experienced a slow start in the first month of the year before picking up pace and ending the first quarter with decent sales performance.

According to a report by the Vietnam Automobile Manufacturers’ Association (VAMA), a total of 77,249 automobiles were sold in the country during the first three months, representing a 24% growth compared to the same period last year.

However, the landscape of the Vietnamese automotive industry has undergone a significant transformation as longstanding automotive brands are temporarily conceding a large market share to a domestic automaker.

Electric Vehicles Dominate

In the first quarter, VAMM announced a total of 77,249 automobile sales in Vietnam, while TC Motor reported 11,474 Hyundai-branded vehicles (including commercial vehicles) in the country.

VinFast, on the other hand, reported a quarterly sales figure of over 35,100 vehicles in Vietnam alone.

When combined with the sales figures of VAMA members, Hyundai, and VinFast, the electric vehicle sales of VinFast alone accounted for more than 28% of the total automobile consumption in the Vietnamese market during the first quarter.

This also propelled VinFast to become the best-selling passenger car brand in Vietnam.

In the same period, Toyota sold 11,830 passenger cars, while Hyundai sold 8,838 passenger cars to Vietnamese customers.

Mitsubishi maintained its position as the fourth best-selling brand in Vietnam with 7,920 vehicles sold. Following Mitsubishi, the next best-selling brands in Vietnam during the first quarter were Mazda (6,341 units), Kia (6,200 units), and Honda (6,084 units), respectively.

A limited product portfolio contributed to Suzuki and Isuzu becoming the slowest-selling brands in Vietnam in the first quarter. After three months, Suzuki sold 643 passenger cars, while Isuzu sold 179 units.

Pressure on Traditional Automotive Brands

Since last year, traditional automotive brands such as Toyota, Hyundai, Mitsubishi, Kia, Mazda, and Honda have faced challenges in the Vietnamese market due to emerging competitors.

Although Toyota’s sales increased by nearly 10,000 units compared to 2023, their performance of 66,576 vehicles sold in Vietnam last year was not enough to reclaim the top spot in the market.

Toyota has yet to regain its market leadership in Vietnam due to pressure from new players. Image source: TMV.

While surpassing Hyundai’s sales of 56,784 units in 2024, Toyota still trailed behind VinFast. The Vietnamese electric vehicle manufacturer sold over 87,000 units domestically and an additional 97,399 units internationally.

In the first quarter, VinFast introduced and started taking reservations for its Green line of electric vehicles designed for commercial transportation services. According to the company, within the first 72 hours of opening reservations, the Green series received a total of nearly 46,000 bookings.

The presence of the Minio Green and Limo Green models is expected to significantly impact the commercial transportation services market. The Mitsubishi Xpander, a popular choice for commercial purposes, may face competition as the market dynamics are likely to change in the future.

In addition to VinFast, established automotive brands in Vietnam also face competition from a wave of Chinese automakers. Notable names in this group include BYD, Omoda, and Jaecoo (under Chery Group), as well as Geely Auto, Lynk & Co, and Zeekr from the Geely Group.

BYD is one of the Chinese automakers that recently entered the Vietnamese market. Image source: Phúc Hậu.

BYD initially launched in Vietnam with a fully electric vehicle lineup, but their reception among Vietnamese customers was modest, prompting the company to shift focus towards hybrid technology with the introduction of the BYD Sealion 6.

The Jaecoo J7 PHEV also attracted attention in Vietnam as the first Chinese vehicle to offer a plug-in hybrid powertrain. This option was previously scarce in the Vietnamese market, with the Kia Sorento being the only model in the mainstream segment to offer a PHEV variant.

Omoda and Geely, while not yet offering electric vehicles, have made a splash in the market with their affordable offerings. The Omoda C5 (priced between 539 and 669 million VND) and the Geely Coolray (priced from 538 to 628 million VND) are currently the most affordable options in the B-segment SUV category.

The Geely Coolray Standard is one of the most affordable B-segment SUVs in Vietnam. Image source: Phúc Hậu.

It remains to be seen if Chinese automakers will gain a stronger foothold in Vietnam through their new strategies or their competitive pricing. However, by introducing hybrid plug-in technology, which is still relatively novel to Vietnamese customers, and launching models with segment-leading pricing, these brands are attracting more attention from consumers.

For instance, the BYD M6 electric MPV, priced at 756 million VND, and the VinFast Limo Green, priced at 749 million VND, are currently the most affordable options in the mid-size MPV segment.

Recently, the MG G50 MPV made a strong impression with a starting price of 559 million VND, which is on par with or even lower than many small MPVs.

The MG G50 base model with a manual transmission is priced lower than many small MPVs. Image source: Đan Thanh.

Additionally, the newly introduced PHEV models, such as the BYD Sealion 6 and the Jaecoo J7 PHEV, are attracting curiosity and interest from Vietnamese customers due to their impressive combined range of over a thousand kilometers when both the fuel tank and battery are full.

Overall, traditional automotive brands in Vietnam are facing significant challenges and pressure from emerging automakers.

The intensifying competition will invigorate the Vietnamese automotive market, leading to more affordable pricing, new model introductions, and the arrival of innovative technologies and features.

You may also like

Toyota Launches New 7-Seater in India, Joining the Ranks of the Iconic Innova

The upcoming model will share a platform with the Suzuki Grand Vitara and will feature a hybrid engine. This new vehicle promises to be a game-changer, offering a unique blend of performance, efficiency, and style. With its innovative hybrid technology and shared platform, this car is set to deliver an exceptional driving experience, combining the best of both worlds. Get ready to hit the roads with power and panache!

Mibot – The Tiny Electric Vehicle Taking Japan by Storm

Amidst the rising popularity of electric vehicles, which are often deemed expensive, KG Motors startup has created a new wave in Japan with its tiny electric car, the Mibot.

“First Look at the VinFast Limo Green – The Stunning 7-Seater MPV Priced at VND 719 Million”

VinFast is proud to announce that the highly anticipated VinFast Limo Green will be delivered to domestic customers starting August this year.

The Electric Version of the Mercedes-Benz G-Class is a Massive Flop: Automaker Considers a Shift in Strategy.

Even in China, the world’s most avid market for electric vehicles, only 58 electric Mercedes G-Class cars have been sold since their launch last year.

“VinFast Expands its Domestic Supplier Network”

With a vision to foster growth and contribute to a robust and united Vietnamese business community, VinFast is set to host a conference titled “Enhancing Localization and Developing Suppliers for VinFast” on June 9th in Hanoi. This event presents an array of attractive opportunities and commitments, all geared towards strengthening the Vietnamese automotive industry.