Vietnam's auto market is warming up again, cars are selling better but imported cars account for nearly half

According to a report recently released by the Vietnam Automobile Manufacturers Association (VAMA), in March 2024, sales of the entire automobile market (including only data from VAMA members and imported vehicles in the entire market) reached 27,289 vehicles, an increase of 135% compared to February but a decrease of 9% compared to March 2023.

Of which, passenger cars achieved sales of 19,014 units, up 135%; commercial vehicles reached 8,047 units, up 131% and specialized vehicles reached 228 units, up 307% compared to February.

In the first quarter of 2024, according to VAMA's synthesis, the entire automobile market achieved sales of 58,165 vehicles, down 17% compared to the same period in 2023. Of which, passenger cars reached 41,858 units, down 21%, commercial vehicles reached 15,915 units, down 6% and specialized vehicles reached 392 units, down 48% compared to the first quarter of 2023.

Independently published data not included in VAMA's synthesis are Hyundai cars reported by Thanh Cong Group, stating that in March 2024, total sales of Hyundai cars reached 4,542 vehicles, 2.23 times higher than in February but down 21.3% compared to March 2023 (reaching 5,773 vehicles). Accumulated in the first quarter of 2024, the total number of Hyundai cars sold on the market reached 10,144 vehicles, down 31.1% compared to the same period in the first quarter of 2023.

In terms of origin structure, sales of domestically assembled vehicles according to VAMA's synthesis in March 2024 reached 14,474 vehicles, up 117% and imported vehicles reached 12,815 vehicles, up 158% compared to the previous month. Additional data from Thanh Cong Group shows that Hyundai models in the domestically assembled passenger car group were 3,472 vehicles, down 27% compared to March 2023 (4,757 vehicles).

In the first quarter of 2024, sales of domestically assembled vehicles reached 30,919 units, down 20%, while imported vehicles reached 27,246 units, down only 14% compared to the first quarter of 2023. At the same time, Hyundai brand assembled vehicles reached 7,780 units in the first quarter of this year.

Imported cars currently account for 46% of the market share, or nearly half of the Vietnamese automobile market. The remaining 56% of the market share is made up of domestically produced and assembled cars.

Thus, if calculated from publicly available information sources such as VAMA and Hyundai, VietNamNet recorded that in March, the Vietnamese automobile market reached sales of 30,761 vehicles and in the first quarter of 2024, it reached more than 66,105 vehicles.

It can be seen that in March, cars sold much better than in February. However, the sharp increase in car sales in March compared to February had a "special" factor, because February was the Lunar New Year month, the sales period was shortened so sales were very low. Meanwhile, in March, companies massively reduced prices and supported registration fees for many remaining car models with VIN 2022-2023, so sales were pushed up.

This data does not include Mercedes-Benz and VinFast car sales because these two car companies do not publish monthly sales figures. VinFast will publish quarterly and annual sales figures, but only global market figures, not specific information about each market.