Vietnam’s auto sales up 12.6% in 2024 to 340,142, VinFast biggest seller

Members of the Vietnam Automobile Manufacturers' Association (VAMA), not including VinFast and Hyundai, sold 340,142 units in 2024, up 12.6% year-on-year.

The figure reflected a continuous improvement after a long slump. After a 33% year-on-year expansion in 2022, the automobile market dropped 25% year-on-year to 301,989 units in 2023 and inched down 2% to 134,884 in the first half of 2024.

The market made its first recovery with a 1% increase in January-July and then continued the trend until end-2024.

In 2024, the auto sales included 257,900 passenger cars, up 12%; 79,332 commercial vehicles, up 15%; and 2,910 special-purpose vehicles, up 32%.

The number of completely knocked down (CKD) vehicles sold was 172,730, down 5% year-on-year; and that of completely-built-up (CBU) units was 167,412, a 39% rise.

December sales of 31,598 vehicles featured 24,575 passenger cars; 6,461 commercial vehicles; and 562 special-purpose vehicles. The total figure went down 29% from a month earlier and 18% year-on-year.

Outside VAMA, Hyundai sold 67,168 units in 2024, according to a report by TC Group, manufacturer and official retailer of the South Korean brand’s vehicles in Vietnam. Its December sales volume was 8,316 units, down 19.3% from November.

VinFast, an electric vehicle manufacturer under Vietnam's conglomerate Vingroup, delivered over 20,000 electric cars in December 2024, increasing its domestic sales in 2024 to 87,000 units.

Overall, the automobile sales in Vietnam in 2024 was approximately 500,000.

As a result, VinFast was the best-selling vehicle brand in Vietnam in 2024; followed by Hyundai; Toyota with 66,576; Ford with 42,175; and Mitsubishi with 41,198.

Vietnamese conglomerate Thaco, which manufactures and sells KIA, Mazda, Peugeot and BMW vehicles apart from its own Thaco trucks and buses, recorded total sales of 90,989 units in the period.

Mitsubishi Xpander, a multi-purpose vehicle (MPV), topped the December sales chart with 1,989 units; followed by Hyundai Accent, a five-seater sedan, with 1,861; and Ford Ranger, a pickup truck, with 1,604.

Regarding the whole-year sales chart, VinFast VF5 topped the competition with over 32,000 units; VinFast VF3 with over 25,000; and Mitsubishi Xpander with 19,498.