Just Auto

Vietnam vehicle market up slightly in August

Sharp rise in CV sales offset by weak passenger vehicle demand.

Vietnam’s new vehicle market expanded slightly to 21,688 units in August 2025 from 21,408 units a year earlier, according to wholesale data released by the Vietnam Automotive Manufacturers Association (VAMA). The data do not include some major players in the market, including Mercedes-Benz, Hyundai, Tesla, Nissan, and domestic automaker VinFast.

The strong rebound in the first half of the year, from weak year-earlier levels, has slowed significantly in the last two months, reflecting a sharp decline in passenger vehicle sales while demand for commercial vehicles remains strong. The latest government data shows economic growth in the country accelerated to 8% year-on-year in the second quarter of 2025, up from 6% in the first quarter, driven by strong domestic consumption and exports.

In the first eight months of 2025, the vehicle market expanded by 11% to 178,834 units from 161,831 units a year earlier, according to VAMA data, with sales of passenger vehicles rising by just 3% to 121,627 units, while commercial vehicle deliveries surged 31% to 57,207 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 10% sales rise to 55,802 units in the eight-month period. This includes a 55% jump in Thaco commercial vehicle sales to 17,425 units, and a 10% rise in Mazda sales to 19,379 units, while Kia sales declined by 16% to 15,980 units.

Toyota’s sales increased by 23% to 41,113 units year-to-date, driven by strong Yaris Cross and Vios volumes, while Ford’s sales rose by 22% to 29,385 units; Mitsubishi 21,214 units (-6%).; and Honda 16,125 units (+15%).

The latest data released by VinFast show the company delivered 67,569 battery electric vehicles (BEVs) domestically in the first half of 2025, while Hyundai’s sales dropped by 18% to 24,204 units in the first seven months of the year.

The 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 the benefit for an additional two years. In July the government introduced minimum production volumes for vehicle manufacturers looking to benefit from preferential import tariffs on automotive components.