Vietnamese Vehicles Market in October 2023 falls for the 4th month after growing 7.6% in June, reporting 32,424 sales (-13.6%). YTD figures at 268,759 are down 24.1% from the prior year.
Market Trend and Outlook
The Vietnamese Vehicle Market in October 2023 falls for the 4th month after growing 7.6% in June, reporting 32,424 sales (-13.6%). YTD figures at 268,759 are down 24.1% from the prior year.
Looking at cumulative data up to October 2023 brand-wise, Hyundai gains leadership with 48,608 sales (-24.6%), in front of Toyota at 42,531 (-41.6%), Kia at 31,897 (-39.5%) and Ford -up 3 spots- at 29,548 sales (+51.3%).
Mazda maintains 5th spot with 27,791 registrations (-7.5%), followed by VinFast at 24,880 (+37.8%), Mitsubishi at 24,103 (-27.8%) and Honda -down 2 spots- with 17,218 sales (-35.9%).
Suzuki maintains 9th position with 11,528 (-14.5%) and Isuzu closes the Top 10 with 6,890 sales (-26.8%).
Looking at specific models the Mitsubishi Xpander becomes the best seller despite falling 12.0% in sales, followed by the Hyundai Accent down 26.6%.
Medium-Term Market Trend
In Vietnam the primary vehicle for individual mobility in the motorcycles and not the car. Over 3 million 2-Wheelers are sold each year, while 4-wheeler sales never achieved the half million.
In the last decade, the car and light commercial market boomed, from less than 100K in 2010 to nearly 400K ten years after. The momentum slowed down in 2021 due to the covid driven measures, with volume falling 0.4%. Although the market did slow down, it was not hit as roughly as other ASEAN countries.
The birth of a local manufacturer – VinFast – fully dedicated to the electric vehicles (both 4 and 2 wheelers) is a stimulus for the traditional manufacturers controlling the market (Japanese and Koreans) and the incentives for EVs from the government will help to boost the electrification process, which is seen faster in Vietnam than in the rest of the region.
The outlook is positive for the next years, driven by expected growth in the pro capita income and by the modernization of road infrastructures. The market is, in fact, already showing positive signs of growth, with sales surging 21.5% to 465,741 in 2022.
Tables with sales figures
In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 Models.
