Vietnam’s new vehicle market declined slightly in September 2026, to 26,209 units from 26,291 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 other brands.
In the first nine months of 2026, the vehicle market expanded by 7% to 220,107 units from 205,125 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 almost 10% year-on-year in the third quarter, up from an upwardly revised 8.8% in the second quarter, with all sectors of the economy performing strongly. In the first nine months of 2026, the economy expanded by 9% year-on-year.
Sales of light passenger vehicles increased by 7% to 147,374 units year-to-date, while commercial vehicle sales increased by over 10% to 72,733 units. Sales by local automotive group Truong Hai rose by 8% to 67,725 units, including a 32% rise in Kia sales to 23,461 units and a 3% increase in Mazda sales to 22,460 units, while commercial vehicle sales under the Thaco brand declined by 2% to 19,297 units.
Toyota reported a 12% sales rise to 53,978 units in the first nine months of the year; while Mitsubishi’s sales surged by 28% to 31,932 units; Ford 30,353 units (-10%); and Honda 15,937 units (-11%). VinFast reported separately that its domestic sales surged by 71% to 177,697 battery electric vehicles (BEVs) year-to-date, while Hyundai’s sales increased by 10% to 35,412 units.
GlobalData expects total sales of light vehicles in Vietnam to increase by 13% to 635,000 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 would continue to exempt battery electric vehicles (BEVs) from the vehicle registration tax until the end of February 2027.
