According to statistics, the Vietnamese market sold a total of 494,310 cars in 2024, a 22% growth compared to 2023. On average, 1,354 cars will find their owners every day.
These figures are based on data from members of the Vietnam Automobile Manufacturers’ Association (VAMA), importers, Hyundai Thanh Cong, and VinFast in 2024. This is not yet the final number, as many brands such as Audi, Mercedes-Benz, Volvo, and Chinese automakers do not disclose their sales figures.
The domestic car market seemed rather subdued in the first half of 2024. However, as the year progressed towards its final months, car sales across brands witnessed significant growth. This surge can be largely attributed to the government’s policy of supporting registration fees for domestically assembled cars and the dealerships’ promotional and stimulus programs.
In terms of market share, the top four brands, VinFast, Thaco, TMV, and HTC, account for approximately 63% of the total market.
Specifically, Truong Hai (Thaco), the distributor of four car brands, including Kia, Mazda, Peugeot, and BMW, maintained its leading position in the market by selling a total of more than 97,000 vehicles of various types, capturing around 18.4% of the market share.
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As 2024 drew to a close, VinFast emerged as the best-selling brand, achieving a record-high sales figure of over 87,000 vehicles. VinFast’s market share for that year stood at approximately 17.6%.
Among their models, the VF 5 reigned as the top-selling car in the domestic market for 2024. Specifically, VinFast delivered more than 32,000 VF 5 units to customers throughout the year. These numbers not only reflect the brand’s remarkable growth but also significantly contribute to the market’s vibrancy, alongside the dozens of new models launched in the previous year.
Wrapping up the year, Hyundai Thanh Cong (HTC) recorded sales of 67,168 vehicles, capturing 13.6% of the market share. Closely following was Toyota Vietnam – TMV (excluding Lexus) with 66,676 vehicles, accounting for 13.5% of the market.
With a double-digit growth foundation in 2024, the Vietnamese car market is expected to continue its positive trajectory in 2025.
TH (Tuoitrethudo)
