Vietnam’s new vehicle market declined by 9% to 15,665 units in February 2026 from 17,181 units in the same month last year, according to wholesale data released by the Vietnam Automotive Manufacturers Association (VAMA). The data do not include some major players in the market, including domestic automaker VinFast, Hyundai, Mercedes-Benz, Nissan, and a number of other overseas brands.
The market last month was held back by significantly fewer working days due the Lunar New Year holidays falling in February this year, rather than in January last year. In the first two months of 2026, the vehicle market expanded by 38% to 45,439 units from 32,857 units in the same period last year, driven by strong, broad-based economic growth in the country. GDP growth accelerated to 8.5% year-on-year in the fourth quarter of 2025, the fastest quarterly growth rate in 15 years. In the whole of 2025, the economy expanded by 8%, driven by robust domestic consumption, fixed investment, and exports.
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Sales of light passenger vehicle increased by 45% to 32,617 units in the first two months of the year, while commercial vehicle sales increased by 24% to 12,822 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 27% sales increase to 14,593 units in this period. This includes a 15% increase in Thaco commercial vehicle sales to 3,394 units, while Mazda sales rose by 32% to 5,305 units and Kia sales were up by 35% to 5,227 units.
Toyota reported a 35% sales increase to 8,742 units year-to-date, while Ford’s sales rose by 46% to 7,594 units; Mitsubishi 6,823 units (+94%); and Honda 3,764 units (+4%). Hyundai’s reported separately that its sales rose by 47% to 8,952 units in this period, while VinFast’s sales increased by just 14% to 26,075 units.
GlobalData expects sales of light vehicles in Vietnam to grow by over 4% to 587,000 units in 2026, up from 564,000 units in 2025, driven by continued strong economic growth and rising consumer demand. The Vietnamese government announced last year that it will continue to exempt battery electric vehicles (BEVs) from the vehicle registration tax until the end of February 2027, while in January the sales tax on hybrid vehicles was cut by 30%.
