Vietnam’s new vehicle market expanded by 4% to 22,658 units in May 2025 from 21,767 units a year earlier, according to wholesale data released by the Vietnam Automotive Manufacturers Association (VAMA). The data do not include sales by Mercedes-Benz, Hyundai, Tesla, Nissan, domestic automaker VinFast, and several Chinese brands that have entered the market in the last two years.
VAMA’s members reported slower sales growth last month, following a strong rebound over the last year from depressed levels. The latest government data show that GDP expanded by 5.9% year-on-year in the first quarter of 2025, moderating from 7.5% in the fourth quarter of 2024, underpinned by strong domestic consumption and exports.
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In the first five months of 2025 the market expanded by 12% to 104,780 units from 93,653 units a year-earlier, according to VAMA data, with sales of passenger vehicles rising by 7% to 71,794 units while commercial vehicle deliveries surged by 23% to 32,986 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 14% sales rise to 33,806 units in this period. This includes a 48% jump in Thaco commercial vehicle sales to 10,050 units, and a 17% rise in Mazda sales to 11,803 units, while Kia sales declined by 9% to 10,116 units.
Toyota’s sales surged by 34% to 23,061 units year-to-date, driven by strong Yaris Cross and Vios volumes, while Ford’s sales rose by 22% to 17,533 units; Mitsubishi 12,130 units (+4%).; and Honda 9,710 units (+7%).
Domestic automaker VinFast announced separately that it delivered 56,187 battery electric vehicles (BEVs) to customers in Vietnam in the first five months of the year, with the VF3 and VF5 models accounting for around two-thirds of the total. Hyundai’s passenger vehicle sales data for May were not available, but its local distributor Tan Chong International reported sales of 15,944 units in the first four months of the year.
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By GlobalDataThe 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 it for an additional two years.
