Vietnam’s Automobile Sales by Segment in 2023

Vietnam’s vehicle sales decreased 18.1% year-on-year to 378,682 units in 2023 (combined vehicle sales data of VAMA members and two non-members Hyundai Motor’s local subsidiary Hyundai Thanh Cong Vietnam (HTCV) and local automaker VinFast). Stricter car loan screenings are behind the market decline. Looking at the market composition, SUVs accounted for the largest share at 34.0%, an increase of 15.8 points compared to 2018, followed by passenger cars at 21.9%, a decrease of 23.7 points. The reason for this trend is that automakers are expanding their SUV product lineups due to the worldwide popularity of SUVs.