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Vietnam’s new vehicle market fell by over 3% to 43,526 units in December 2021 from 44,978 units a year earlier, according to wholesale data released by the Vietnam Automotive Manufacturers Association (VAMA).

The market began to stabilise in the final two months of the year following sharp declines in the previous several months, after the government began to ease tough covid related restrictions in October. GDP is estimated to have rebounded by 5.2% year on year in the fourth quarter, after contracting by 6.2% in Q3, with full year growth estimated at just 2.6% in 2021.

Vehicle sales last year were down by just over 2% at 277,203 units compared with 283,983 in 2020, with passenger vehicle sales falling by 6% to 203,766 units while commercial vehicle sales were up by 8% at 73,437 units.

Truong Hai (Thaco) group, the local assembler and distributor of brands such as Kia, Mazda, Peugeot, BMW-Mini and a significant player in the commercial vehicle segment, reported a 4% rise in group sales to 104,257 units last year. This includes a 16% rise in Kia sales to 45,532 units, while Mazda sales were down by 15% at 27,286 units and Thaco truck sales were 5% lower at 22,841 units.

Toyota sales fell by 4% to 67,533 units in 2021; Mitsubishi 27,243 units (-6%); Ford 23,708 units (-4%); Honda 21,698 units (-11%); and Suzuki 13,740 units (-5%).

VAMA’s data did not include sales by domestic start-up Vinfast, which reported a 21% sales rise to 35,723 units last year. The company began local deliveries of its first EV model, the VF e34, at the end of December following its official launch in October. The company has been busy rolling out an electric vehicle (EV) recharging network across the country over the last year.

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By GlobalData

See also: 2022 Outlook – Q&A with VinFast