Vietnam’s new vehicle market declined by a further 15% to 33,689 units in November 2025 from 39,608 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 five 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 are also facing increasingly strong competition from VinFast, which has reported surging domestic sales growth this year.
In the first eleven months of 2025, the vehicle market expanded by just 1% to 270,658 units from 268,576 units a year earlier, according to VAMA data, with sales of light passenger vehicles falling by 7% to 186,522 units, while commercial vehicle deliveries increased by over 22% to 84,136 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 6% sales decline to 79,080 units in the eleven-month period. This includes a 44% jump in Thaco commercial vehicle sales to 24,319 units, while Mazda sales fell by 7% to 27,785 units and Kia sales plunged by 29% to 22,943 units.
Toyota’s sales increased by 10% to 63,625 units in the same period, driven by strong Yaris Cross and Vios volumes, while Ford’s sales rose by 15% to 44,307 units; Mitsubishi 35,147 units (-6%); and Honda 25,129 units (-3%).
Domestic automaker VinFast has yet to release its November sales data, with sales in the first ten months of the year having more than doubled to 124,264 units, while Hyundai’s sales dropped by over 15% to 41,053 units in the same period.
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.
