Vietnam’s new vehicle market declined by a further 5% to 25,246 units in July 2026, down from 26,573 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 overseas brands.

In the first seven months of 2026, the vehicle market expanded by 11% to 175,007 units from 157,146 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.

Sales of light passenger vehicles increased by 9% to 118,104 units year-to-date, while commercial vehicle sales increased by 15% to 56,903 units. Sales by local automotive group Truong Hai rose by 9% increase 54,059 units, including a 29% rise in Kia sales to 18,555 units and a 3% increase in Mazda sales to 17,855 units, while commercial vehicle sales under the Thaco brand rose by 2% to 15,529 units.

Toyota reported an 18% sales rise to 42,276 units in the first seven months of the year; while Mitsubishi’s sales surged by 31% to 24,833 units; Ford 24,361 units (-6%); and Honda 13,434 units (-3%). VinFast reported separately that its domestic sales surged by 74% to 137,697 vehicles year-to-date, while Hyundai’s sales declined by 7% to 27,924 units in this period.

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.