Vietnam 2022. VinFast Collapses 35.8% In Vehicle Market At New All-Time High

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Toyota-GR_Corolla-2023
Toyota-GR_Corolla-2023

Vietnamese Vehicles Market in 2022 totals 433,970 sales (+23.9%), setting a new all-time high. December falls for the second month in a row, reporting 42,474 new registrations (-21.0%). VinFast Loses 35.8%.

Market Trend and Outlook

The automotive industry was hit by a sharp lockdown due to covid spread in the third quarter 2021, with sales collapsing compared with the normal trend. This being said, in the third quarter 2022 sales went back to their normality and the y/y huge growth should not be considered as a trend, but a uniqueness.

Final data from 2022 shows the Vietnamese Vehicles Market hitting a new all-time high at 433,970 sales, a 23.9% increase from the prior year. Despite posting an overall uptrend the year comes to an end with December falling for the second month in a row, with new registrations at 42,474 (-21.0%).

Looking at cumulative data from 2022 brand-wise, Toyota becomes the new leader with 91,115 sales (+34.9%), overtaking Hyundai at 81,580 (+15.7%) followed by Kia at 60,729 (+33.4%) and Mitsubishi at 39,861 sales (+46.3%).

Mazda rises a spot into 5th with 36,052 registrations (+32.1%), followed by Honda -up 2 spots- at 30,637 (+42.2%), Ford  at 28,487 (+21.7%) and VinFast -down 4 spots- with 22,924 sales (-35.8%).

Suzuki remains in 9th position with 16,209 (+18.0%) and Isuzu closes the Top 10 with 11,108 sales (+25.4%).

Medium-Term Market Trend

In Vietnam the primary vehicle for individual mobility in the motorcycles and not the car. Over 3 million 2-Wheelers are sold each year, while 4-wheeler sales never achieved the half million.

In the last decade, the car and light commercial market grew up, from less than 100K in 2010 to near 400K ten year after. The growth speed was breaked by covid measures, considering the pandemic did not found space in the country. However, several lock downs have shifted production and sales across the last 2 years, but have not hit the market as happened in other ASEAN countries.

The born of a local manufacturer – VinFast – fully dedicated to the electric vehicles (both 4 and 2 wheelers) is a stimulus for the traditional manufacturers controlling the market (Japanese and Koreans) and the incentives for EVs from the government will help to boost the electrification process, which is seen faster in Vietnam than in the rest of the region.

The outlook is positive for the next years, driven by expected growth in the pro capita income and by the modernization of road infrastructures.

Tables with sales figures

In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 Models.

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