Vietnam 2024. Vehicle Market Starts Recovering In January (+12.6%)

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Vietnamese Vehicles Market increases by double digits in 2024. Sales throughout January reach 19,041 units (+12.6%). Isuzu ranks into 9th spot, booming 149.7%.

Market Trend and Outlook

Vietnamese Vehicles rises in January, with YTD sales reaching 19,041 units (+12.6%), continuing a two month positive string after being negative for 5 straight months.

Looking at cumulative data up to January 2024 brand-wise, Hyundai maintains leadership with 3,569 sales (+2.1%), in front of Ford -up 1 spot- at 2,671 (+13.2%), Kia -up 1 spot- at 2,369 (+14.2%) and Toyota -down 2 spots- at 2,208 sales (-27.0%).

Honda gains 1 spot and ranks 5th spot with 2,023 registrations (+35.4%), followed by Mazda -down 1 spot- at 1,972 (+17.5%), Mitsubishi at 1,793 (+56.5%) and Suzuki with 1,594 sales (+86.4%).

Isuzu gains 2 spots ranking into 9th position with 482 (+149.7%) same as Peugeot which closes the Top 10 with 224 sales (+1.8%).

Looking at specific models the VinFast VF e34 becomes the best seller rising 36 spots in sales, followed by the VinFast VF 5 Plus up 61 positions.

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.

In 2023 the Vietnamese vehicle market fell down, with YTD sales reaching 698,256 units (-19.5%).

Tables with sales figures

In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 Models.

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