2024 Vehicle Sales of Vietnam

Vietnam’s automobile sales in 2024 rose by 22.3% from the previous year to 494,310 units (combined total of VAMA members and two non-members Hyundai Motor’s local subsidiary Hyundai Thanh Cong Vietnam (HTCV) and local automaker VinFast). Economic growth due to increased exports and the government’s introduction of a 50% cut in registration fees for domestically assembled vehicles led to the expansion of the overall market. In particular, VinFast’s sales increased significantly, driving overall sales growth. In addition, sales in 2024 were the second highest after the record high level of 510,217 units in 2022.