Vietnam’s Automobile Market Projection for 2025

Automobile sales in Vietnam from January to October 2024 increased by 16.4% year-on-year to 364,000 units. Economic growth driven by solid exports and the government’s introduction of preferential policies for domestically assembled vehicles in September 2024 stimulated purchasing appetite. The policy was implemented until the end of November 2024, meanwhile domestic consumption is expected to be strong at the end of the year, before the Lunar New Year. Therefore, the automobile market is forecast to grow by 14.8% from the previous year to 464,000 units in 2024.