The Vietnamese Auto Market Booms in the First Month of Registration Fee Exemption

The latest report from the Vietnam Automobile Manufacturers’ Association (VAMA) reveals that the total sales of the Vietnamese car market reached 36,585 units in September, a 45% increase compared to the previous month and a 44% rise year-on-year.

September was also the first month of the fourth round of registration fee incentives for domestically assembled cars in Vietnam. Thus, this policy is proving effective in boosting the overall market growth by nearly 50%.

Numerous Models Witnessed Robust Growth

The surge in the Vietnamese car market during September was primarily driven by the upward trajectory of most existing brands. Specifically, VAMA’s report showed that nine models surpassed 1,000 units in sales, with the Mitsubishi Xpander topping the chart at 2,688 units sold.

Mitsubishi Xpander reclaimed the top spot among the auto brands with sales figures reported by VAMA.

Despite a dip in sales, the Mitsubishi Xforce maintained its position with 1,821 units sold, ranking fourth among the auto brands included in VAMA’s sales report. The Mazda CX-5, Toyota Vios, and Honda City also experienced an impressive September, with sales figures of 1,856, 1,842, and 1,590 units, respectively.

In the top 10 best-selling models according to VAMA’s data, only the Mitsubishi Xforce, Toyota Yaris Cross, and Ford Everest are fully imported vehicles. The majority of the top-selling models are domestically assembled, including the Mazda CX-5, Toyota Vios, Honda City, Toyota Veloz Cross, and the unexpected entrant, Kia Carnival.

The registration fee reduction appears to be yielding significant positive results for the Vietnamese car market. As per VAMA, the sales of domestically assembled cars in September reached 19,500 units, reflecting a 62% growth compared to the previous month. During the same period, the growth rate for imported cars stood at 30%.

Hyundai’s Sales Witness Consistent Growth

As one of the automakers with a significant presence of domestically assembled models, Hyundai has also benefited from the registration fee incentives. Its passenger car sales in September reached 6,518 units, among which the Hyundai Accent continued to dominate with 1,290 units sold to Vietnamese customers.

Hyundai experienced a month of solid growth.

All Hyundai passenger car models witnessed sales growth in September. The Hyundai Creta, for the first time, surpassed the 1,000 units/month mark, while the Hyundai Grand i10 nearly doubled its sales volume.

The Hyundai Santa Fe, amidst the transition between the old and new generations, also saw improved sales. This mid-size SUV recorded sales of 758 units, ranking as Hyundai’s third-best-selling model after the Accent and Creta.

Currently, only the Hyundai Stargazer is imported from Indonesia, while all other Hyundai passenger car models are domestically assembled in Vietnam.

Vietnamese Customers Embrace Hybrid Vehicles

Mirroring the overall positive market sentiment, the hybrid vehicle segment also witnessed a sales growth, recording 1,044 units sold in September. In fact, this was the highest monthly sales figure for gas-electric hybrid cars in Vietnam so far this year.

The Suzuki XL7 Hybrid debuted with 256 units sold in its first month of launch.

The Toyota Innova Cross HEV contributed 258 units to the total sales of the elevated car model, becoming the best-selling hybrid vehicle. The Suzuki XL7 Hybrid, in its debut month, recorded sales of 256 units, securing the second spot.

During September, the Toyota Corolla Cross 1.8HEV and Honda CR-V e:HEV RS achieved sales of 223 and 219 units, respectively. Additionally, the Toyota Corolla Altis 1.8HEV sold 7 units after previously reporting zero sales in the previous period.

Overall, most hybrid models in Vietnam performed well in September, despite the majority being imported vehicles. The exception is the Kia Sorento HEV/PHEV, which is domestically assembled. After nine months, the Toyota Innova Cross HEV has emerged as the top-selling hybrid model, with 1,304 units sold to Vietnamese customers since the beginning of the year.

A Restructuring Phase for Suzuki?

Amid the robust market growth, most Suzuki car models failed to record any sales in the September report. These models include the Suzuki Swift, Suzuki Ertiga Hybrid, and Suzuki Ciaz, all of which have been discontinued from Suzuki’s passenger car lineup in Vietnam.

Currently, Suzuki’s primary passenger car offerings are the XL7 Hybrid and the off-road SUV Jimny. Both of these models are confirmed to be showcased at Suzuki’s booth during the upcoming Vietnam Motor Show in Ho Chi Minh City later this month.

According to multiple sources, Suzuki is expected to introduce the electric version of the Swift to Vietnam, possibly as soon as this year. Before the arrival of the all-electric variant of this B-segment hatchback, the Japanese car brand will temporarily have a relatively slim product portfolio, similar to its domestic rival, Isuzu.

You may also like

The Genesis GV90’s Launch Delay: A Design Detour

In 2026, the Hyundai Group is expected to unveil a new luxury SUV, the Genesis GV90. This sleek and sophisticated vehicle will be a direct competitor to the Mercedes GLS and BMW X7, offering a fresh alternative in the luxury SUV segment. With its elegant design, powerful performance, and cutting-edge features, the Genesis GV90 promises to be a game-changer, taking your driving experience to new heights of luxury and performance. Stay tuned for more updates on this exciting addition to the Hyundai family.

The Ultimate SUV Lineup: Unmissable Pre-VMS 2024 Deals!

Toyota, Mitsubishi, and Honda are offering a pre-registration fee discount of 50-100% ahead of the Vietnam Auto Expo.

Hyundai Celebrates a Century: 100 Million Cars and Counting

The Korean automotive manufacturer achieved this feat in just 57 years, a significantly shorter period compared to its competitors in the industry.

The Top 10 Best-Selling Car Brands in Vietnam: A 10-Month Review

According to a report by the Vietnam Automobile Manufacturers Association (VAMA), total market sales as of October 2024 witnessed a 12% surge compared to the same period in 2023.

The Genesis GV90’s Launch Delay: A Design Flaw with the Reverse-Opening Doors

In 2026, the Hyundai Group is expected to unveil a new luxury SUV, the Genesis GV90. This vehicle will be a direct competitor to the Mercedes GLS and BMW X7, offering a sophisticated and luxurious experience for drivers seeking an upscale SUV. With its sleek design and powerful performance, the Genesis GV90 promises to make a statement on the road and deliver an exceptional driving experience. Stay tuned for more details on this exciting upcoming release from Hyundai.