Toyota has always been the leading car brand in the Vietnamese market, even surpassing other brands from Japan, Korea, the US, and Europe. However, starting from 2024, Toyota’s car sales have significantly declined, allowing other brands to take the lead.
In January 2024, Toyota’s sales dropped to third place with only 2,208 cars sold, behind Ford (2,671) and Kia (2,369) according to the Vietnam Automobile Manufacturers’ Association (VAMA).
Toyota Yaris Cross only sold 91 cars in February.
In February, Toyota’s sales continued to decline to fifth place with only 1,248 cars sold. Meanwhile, Ford remained the top-selling brand with 1,664 cars sold, followed by Kia (1,386), Mazda (1,355), and Honda (1,264).
Many of Toyota’s previously best-selling models, which used to sell thousands of cars per month, now only sell a few hundred or even dozens of cars. For example, the Vios sold only 179 cars (compared to over 3,000 cars in December 2023), Veloz sold 146 cars (compared to 1,670 cars in December 2023), Yaris Cross sold 91 cars, and Avanza sold 85 cars.
The sharp decline in Toyota’s sales is attributed to a shortage of imported Completely Built Units (CBUs) and customers waiting for the launch of new models. Additionally, Toyota has lost its leading position due to competition from other brands offering better discounts.
According to Mr. Ngô Việt Thanh, a car dealer in Ho Chi Minh City, Toyota has a variety of car models in the Vietnamese market, but each model has too few versions compared to competitors who offer a wide range of options from high to low prices.
However, Mr. Tạ Công Tiên, the owner of “Chợ Xe Kiểu Mỹ” (American-style Car Market) in Ho Chi Minh City, believes that Toyota’s decline in car sales may only be temporary. Most Vietnamese customers still prefer Toyota for its reliability, lower maintenance costs compared to other brands, and a good resale value after a period of usage.
