After 5 years, the number of households owning personal cars in Vietnam has nearly doubled.

The latest report of the General Statistics Office on the results of the 2024 mid-term population and housing census shows that Vietnam's population as of April 1, 2024 is 101,112,656 people. Vietnam is the third most populous country in Southeast Asia (after Indonesia and the Philippines) and ranks 16th in the world.

According to the above report, the whole country has 28,146,939 households, an increase of nearly 1.3 million households compared to 2019. The majority of households use personal motor vehicles (motorbikes, motorbikes, cars...) for daily activities.

Of which, 89.4% of households use motorbikes and scooters; 9% of households use personal cars, about 3.3 percentage points higher than in 2019 (5.7%). This rate is equivalent to 2.533 million households owning cars. Thus, after only 5 years, the rate of households owning personal cars has increased by about 1.6 times and will continue to increase rapidly in the coming period.

According to the General Statistics Office, the output of domestically manufactured and assembled cars in 2024 is estimated at 388,500 units, an increase of 27.0% over the same period in 2023. We also received about 172,240 imported cars in 2024 with a total value of 3.618 billion USD. Compared to the whole year of 2023, this figure has increased sharply by 14.7% in volume and 27.6% in value.

If all the imported and domestically produced and assembled cars are "absorbed", the number of cars in Vietnam will increase by about 560,000 units.

Previously, according to a report by the Ministry of Industry and Trade, the estimated number of cars in Vietnam by the end of 2023 was about 6.31 million, with an average car ownership rate of 63 cars per 1,000 people.

Experts predict that the Vietnamese automobile market has great growth potential in the period from 2025-2030 when we have entered the "automotive" stage (an average of over 50 cars/1,000 people) and Vietnam's GDP per capita has reached over 4,000 USD/year.

In the Draft Strategy for the Development of Vietnam's Automobile Industry to 2030, with a vision to 2045, the Ministry of Industry and Trade sets a specific goal that by 2030, the average growth of the automobile market will be 14-16% per year, with the total annual consumption of about 1-1.1 million vehicles.