Vietnam’s new vehicle market expanded by 10% to 23,186 units in April 2025 from 21,039 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 steady growth last month, reflecting continued strong economic growth in the country. 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, driven by strong domestic consumption and exports.
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In the first four months of 2025 vehicle sales rose by 14% to 82,122 units from 71,886 units a year-earlier, according to VAMA data, with sales of passenger vehicles rising by 9% to 56,350 units while commercial vehicle deliveries surged by 28% to 25,772 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 16% sales rise to 26,653 units. This includes a 55% jump in Thaco commercial vehicle sales to 7,842 units, and a 16% rise in Mazda sales to 9,077 units, while Kia sales declined by 6% to 8,255 units.
Toyota’s sales surged by 47% to 17,396 units year-to-date, driven by strong Yaris Cross and Vios volumes, while Ford’s sales rose by 22% to 13,479 units; Mitsubishi 9,958 units (+16%).; and Honda 8,226 units (+4%).
Domestic automaker VinFast announced separately that it delivered 44,691 battery electric vehicles (BEVs) to customers in Vietnam in the first four months of 2025 year, with the VF3 and VF5 models accounting for around 67% of the total. Hyundai’s passenger vehicle sales data for April were not available, but its local distributor Tan Chong International reported first-quarter sales of 11,474 units.
The Vietnamese Ministry of Finance announced in March that it has extended the vehicle registration tax exemption for battery electric vehicles (BEVs) until the end of February 2027, extending it by an additional two years.
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