Vietnam’s 2024 Automobile Sales by Segment

Vietnam’s vehicle sales increased 18.8% year-on-year to 450,051 units in 2024 (combined vehicle sales data of VAMA members and two non-members Hyundai Motor’s local subsidiary Hyundai Thanh Cong Vietnam and local automaker VinFast), the second highest level after 2022’s 462,569 units. The government’s decision to halve registration fees for domestically assembled vehicles (from September 1, 2024 to November 31, 2024) contributed to the expansion of the overall market. Looking at the market composition by vehicle type, SUVs increased significantly, going up by 12.0 points to 46.0%, maintaining their lead. In contrast, passenger cars dropped by 6.3 points to 15.6%, and MPVs decreased by 1.0 point to 13.2%.