Vietnam’s Automobile Sales Results in 2022

Vietnam’s vehicle sales increased 33.0% year-on-year to 404,635 units in 2021 (sales data of VAMA members only). Hyundai Motor’s local subsidiary Hyundai Thanh Cong Vietnam (HTCV) and local automaker VinFast, which are not included in VAMA’s official statistics, sold 81,582 units and 22,924 units respectively in 2022. Combined sales of VAMA members, HTCV and VinFast went up 24.1% in 2022 to 509,141 units, surpassing the 500,000-unit mark for the first time. The GDP growth rate in 2022 was high at 8.02% thanks to the market seeing a rebound following the impact of the pandemic in the previous year. In addition, the 50% reduction in registration fees, implemented from December 2021 to May 2022, for vehicles assembled from CKD kits also contributed to the significant increase.