Vietnam’s new vehicle market continued to decline in October 2025, by 9% to 31,844 units from 35,114 units a year earlier, according to wholesale data released by the Vietnam Automotive Manufacturers Association (VAMA). The data do not include some major players in the market, including Mercedes-Benz, Hyundai, Tesla, Nissan, and domestic automaker VinFast.
After a strong rebound in the first half of 2025, from weak year-earlier levels, the vehicle market has slowed sharply in the last four months despite continued strong economic growth in the country. The latest government data showed GDP growth accelerated to 8.3% year-on-year in the third quarter of 2025, up from a revised 8.2% in the second quarter, driven by robust domestic consumption, fixed investment, and exports.
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The country continued to be hit by severe storms last month, causing widespread flooding, which likely impacted vehicle purchases in key parts of the country. VAMA members also face increasingly strong competition from VinFast, which reported record sales last month.
In the first ten months of 2025, the vehicle market expanded by 3% to 236,969 units from 228,968 units a year earlier, according to VAMA data, with sales of passenger vehicles falling by 4% to 161,918 units, while commercial vehicle deliveries increased by 26% to 75,051 units.
Truong Hai (Thaco) Group, the local assembler and distributor of several overseas brands and a major player in the commercial vehicle segment, reported a 1% sales decline to 70,290 units in the ten-month period. This includes a 49% jump in Thaco commercial vehicle sales to 21,947 units, while Mazda sales fell by 2% to 24,586 units, while Kia sales plunged by 26% to 20,082 units.
Toyota’s sales increased by 14% to 55,894 units in the same period, driven by strong Yaris Cross and Vios volumes, while Ford’s sales rose by 17% to 38,861 units; Mitsubishi 30,091 units (-7%); and Honda 21,143 units (-1%).
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By GlobalDataDomestic automaker VinFast said it sold a record 20,380 battery electric vehicles (BEVs) in the country in October, with year-to-date sales more than doubling to 124,264 units, while Hyundai’s sales dropped by over 12% to 35,802 units in the first nine months of the year.
The Vietnamese Ministry of Finance announced in March that it had extended the vehicle registration tax exemption for battery electric vehicles (BEVs) until the end of February 2027, extending the benefit for an additional two years. In July, the government introduced minimum production volumes for vehicle manufacturers looking to benefit from preferential import tariffs on automotive components.
