Vietnam’s new vehicle market continued to decline in August 2026, by a further 13% to 18,891 units from 21,688 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 this market, including domestic automaker VinFast, Hyundai, Mercedes-Benz, Nissan, and other brands.
In the first eight months of 2026, the vehicle market expanded by 8% to 193,898 units from 178,834 units in the same period last year, driven by strong, broad-based economic growth in the country. The latest government data showed that GDP growth accelerated to 8.4% year-on-year in the second quarter of 2026, up from a revised 7.9% in the first quarter, with all sectors of the economy performing strongly.
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Sales of light passenger vehicles increased by 7% to 129,934 units year-to-date, while commercial vehicle sales increased by 12% to 63,964 units. Sales by local automotive group Truong Hai rose by 8% to 60,124 units, including a 29% rise in Kia sales to 20,615 units and a 3% increase in Mazda sales to 19,910 units, while commercial vehicle sales under the Thaco brand declined slightly to 17,289 units.
Toyota reported a 14% sales rise to 47,043 units in the first eight months of the year; while Mitsubishi’s sales surged by 32% to 28,042 units; Ford 26,603 units (-9%); and Honda 14,435 units (-10%). VinFast reported separately that its domestic sales surged by 72% to 154,703 battery electric vehicles (BEVs) year-to-date, while Hyundai’s sales declined slightly to 31,540 units.
GlobalData expects total sales of light vehicles in Vietnam to increase by 10% to 617,000 units this year, after growing by 20% to 562,000 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.
