The first month of 2024 witnessed a significant drop in sales for a series of car brands. This is quite understandable as it coincides with the Tet holiday in Vietnam. In addition, a large number of users had already bought cars in December 2023 before the end of the 50% registration fee support policy for domestically assembled cars (December 31, 2023), resulting in a decrease in demand in January.
For example, Hyundai, the best-performing brand in January, sold only 3,569 cars, a sharp drop compared to the previous month’s figure of 10,844 cars.
Meanwhile, despite also experiencing a nearly 50% decrease in sales, Ford unexpectedly jumped to second place in the market with 2,671 units sold . It is worth noting that compared to top competitors like Hyundai, Toyota, and Kia, Ford has significantly fewer models, which means that their models have a certain level of appeal in the market.
Business results of some car brands in Vietnam in January 2024.
Kia and Toyota ranked third and fourth in the past month with 2,369 and 2,208 units sold, respectively. The remaining positions belong to several Japanese brands like Honda, Mazda, Mitsubishi, and Suzuki. Among them, Mitsubishi showed a heavily dependence on Xpander as the popular MPV achieved a sales volume of 1,285 units out of the total 1,793 units sold by this brand in January, accounting for 71.6%.
On the other hand, Suzuki was the only brand in VAMA to record sales growth in the past month, reaching 1,594 units compared to 1,117 units in the previous month. According to observers, the slow delivery of many models from this brand in the previous month is the main reason for this phenomenon.
Due to the overall decline in the market, the top 10 best-selling cars also recorded less impressive results. Xpander, the top-selling car, achieved a sales volume of nearly 1,300 units, while the “sales champions” in previous months such as Hyundai Accent, Mazda CX-5, and Toyota Vios only reached sales figures of less than 1,000 units. Among them, the 10th-ranked car in this ranking is the Honda City with a sales volume of 500 units.
