Vietnam’s new vehicle market rebounded by 90% to 29,774 units in January 2026 from depressed year-earlier sales of 15,676 units, 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, Mercedes-Benz, Hyundai, Nissan, and a number of other overseas brands.
Compared with peak volumes of 42,701 units in December 2025, the market last month was down by 30%, however. The vehicle market continues to be driven by strong, broad-based economic growth in the country, with GDP growth accelerating 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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Last month, the market was driven higher by a 103% surge in light passenger vehicle sales to 22,440 units, while commercial vehicle deliveries increased by 59% to 7,334 units. Truong Hai (Thaco) Group, the local assembler and distributor of several overseas brands and a major player in the commercial vehicle segment, reported an 82% sales increase to 9,458 units in January. This includes a 98% jump in Thaco commercial vehicle sales to 2,001 units, while Mazda sales rose by 73% to 3,515 units and Kia sales were up by 89% to 3,487 units.
Toyota reported a 45% sales increase to 4,852 units last month, while Ford’s sales surged by 109% to 5,121 units; Mitsubishi 5,039 units (+194%); and Honda 2,712 units (+49%). Hyundai’s reported separately that its sales rose by 91% to 5,872 units, while VinFast has yet to release its domestic sales data for January.
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.
