Vietnam’s Q1 auto sales down 17% to 58,165 units

The Vietnam Automobile Manufacturers' Association (VAMA), not including VinFast and Hyundai, sold 58,165 units in the first quarter of 2024, down 17% year-on-year.

The total comprised 41,858 passenger cars, down 21% year-on-year; 15,915 commercial vehicles, down 16%; and 392 special-purpose vehicles, down 48%.

The number of completely knocked down (CKD) vehicles sold was 30,919, down 20% year-on-year; and that of completely-built-up (CBU) units was 27,246, a 14% drop.

March sales of 27,289 vehicles – 19,014 passenger cars, 8,047 commercial vehicles, and 228 special-purpose vehicles – marked a 9% decrease from the same month last year, but up 135% from the previous month. The numbers of CKD and CBU units sold in the month were 14,474 and 12,815, respectively.

Outside VAMA, Hyundai sold 10,114 units from January-March, according to a report by TC Group, the manufacturer and official retailer of Hyundai vehicles in Vietnam. Its March sales figure was 4,542 units, up 123% over the previous month.

As a result, Hyundai was the best-selling brand in Vietnam in Q1. Other top selling auto brands were Ford (8,021), Toyota (7,321), KIA (6,279), and Honda (6,119).

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 16,335 units in the three-month period.

In March, Mitsubishi Xpander, a multi-purpose vehicle (MPV), was the best-selling model in Vietnam with 1,582 units; followed by Ford Ranger, a pickup truck (1,539 units); Mitsubishi Xforce, a sport utility vehicle (SUV) (1,334); Honda City, a subcompact car (1,043); and Hyundai Accent, five-seater sedan (967).

In term of Q1/2024 sales, Ford Ranger topped the chart with 3,562 vehicles sold; followed by Mitsubishi Xpander with 3,197; Mazda CX-5 with 2,319; and Hyundai Accent with 2,248.