Vietnam 2024. VinFast Booms 220.1% Ranking Into 1st

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Vietnamese Vehicles Market slightly up in 2024. Sales throughout April reached 70,248 units (+30.3%). VinFast booms into 1st spot, being in 8th the previous year (+220.1%).

Market Trend and Outlook

Vietnamese Vehicles decreases in April, with sales reaching 70,248 units (+30.3%). YTD sales up to 207,904 units (+5.2%).

Looking at cumulative data up to April 2024 brand-wise, Vinfast -up 7 spots- gains leadership with 35,125 sales (+220.1%), in front of Hyundai -down 1 spot- at 31,936 (-17.4%), Toyota -down 1 spot- at 25,943 (-27.2%) and Ford -down 1 spot- at 24,389 sales (+1.9%).

Kia loses 1 spot and ranks 5th spot with 19,361 registrations (-14.0%), followed by Mitsubishi at 17,337 (-1.3%), Honda at 17,161 (+35.9%), and Mazda -down 3 spots- with 17,008 sales (-5.8%).

Suzuki in 9th position with 11,413 (+15.4%) same as Isuzu which closes the Top 10 with 5,485 sales (+10.5%).

Looking at specific models the VinFast VF 5 Plus becomes the best seller rising 69 spots in sales, followed by the VinFast VF e34 up 8 positions.

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 boomed, from less than 100K in 2010 to nearly 400K ten years after. The momentum slowed down in 2021 due to the covid driven measures, with volume falling 0.4%. Although the market did slow down, it was not  hit as roughly as other ASEAN countries.

The birth 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. The market is, in fact, already showing positive signs of growth, with sales surging 21.5% to 465,741 in 2022.

In 2023 the Vietnamese vehicle market fell down, with YTD sales reaching 698,256 units (-19.5%).

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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