Vietnam’s car sales improve by 12.6 per cent in December 2024 compared to the same period last year. Overall, the Vietnam Automobile Manufacturers’ Association (VAMA) recorded 340,142 units sold for the year 2024. These results are an improvement from 2023’s overall sales of 301,989 units sold.
MARKET STATISTICS
Majority of the overall units sold were of passenger cars. Passenger cars comprised 257,900 units of the total figure, while 79,332 units were commercial vehicles. Both categories increased by 12 and 15 per cent respectively. The last category, special-purpose vehicles, comprised 2,910 of the total sales figures, which improved by 32 per cent.
While total market sales have improved on-year, December 2024 alone sold 31,598 units. Passenger cars comprised most of these sales once more with 24,575 units sold. Commercial vehicles follow with 6,461 units and 562 of these sales were special-purpose vehicles. Compared to November 2024, vehicle sales slumped 29 per cent. December 2023’s sales were also significantly higher, with a difference of 18 per cent from December 2024.
Toyota remains the top-selling brand according to VAMA’s report, which excludes local brand VinFast and Hyundai. The Japanese automaker sold 66,576 units last December, 1504 of which were the Vios. Toyota currently holds 31.5 per cent share of Vietnam’s current vehicle market.
While the Vios is Toyota’s top-selling car in Vietnam, the Mitsubishi XPander topped the list with 1677 units sold. Mitsubishi currently has 13.9 per cent market share, selling 3,808 units for the month of December.
The third largest market share belongs to Ford, which holds 12.7 per cent share. The American company sold 3,492 units. The Ford Ranger CKD comprised majority of Ford’s sales with 1,207 units sold.
VinFast, while not included in VAMA, sold 20,000 units for December 2024 alone. For the entirety of 2024, the EV company sold 87,000 units overall. Meanwhile, Hyundai recorded 67,168 units sold for the year and 8,316 units sold in December. The Hyundai Accent comprised majority of the Korean carmaker’s sales with 1,861 units sold. The Accent follows the XPander as the second top-selling car of December 2024.
Including VinFast and Hyundai’s results, Vietnam’s overall car sales for the year amount to an estimate of 500,000 units sold. This figure does not include sales from Mercedes-Benz, Tesla, Nissan, and Chinese EV brands like BYD, Wuling, and MG.
VIETNAM’S 2024 CAR SALES PERFORMANCE
While December sales decreased significantly compared to November, VietnamNet Global wrote that it was “predictable.” Buyers took advantage of 50 per cent tax cuts that were implemented from September to November of 2024. Though, it should be noted that the tax cut was only applicable to locally assembled vehicles.
Low-emission vehicles are becoming a trend among vehicle buyers. VinFast’s sales in combination with VAMA’s record of 10,000 hybrid units sold imply that Vietnamese citizens are keen on making the shift.
Overall, Vietnam’s total sales performance for the year 2024 is seen as a positive change after sluggish sales recorded from 2023.
Was this article informative? Leave us a like if so!
