Toyota has been consistently leading in car sales in the Vietnamese market, even surpassing other Japanese or Korean, American, and European car brands. However, starting from the beginning of 2024, the purchasing power of Toyota vehicles has significantly declined, allowing other car brands to take the lead.
Specifically, in January 2024, Toyota’s sales started to decline, with only 2,208 cars sold, dropping to the third position on the Vietnam Automobile Manufacturers Association (VAMA) ranking, behind Ford (2,671 cars) and Kia (2,369 cars).
Only 91 Toyota Yaris Cross cars were sold in February.
In February, Toyota’s sales continued to plummet, with only 1,248 cars sold, dropping to the fifth position.
Meanwhile, Ford continues to dominate the sales with 1,664 cars sold, followed by Kia with 1,386 cars, Mazda securing the third position with 1,355 cars, and Honda joining in the fourth position with 1,264 cars.
Many Toyota models that used to be the best-selling in the market, selling thousands of units every month, are now only selling a few hundred or even less. For example, the Vios model sold only 179 cars (compared to more than 3,000 cars in December 2023), Veloz with 146 cars (in December 2023, 1,670 cars were sold), Yaris Cross with 91 cars, and Avanza with 85 cars.
The significant decline in Toyota’s sales can be attributed to the limited supply of some Completely Built Units (CBU) imported models and the anticipation for upcoming new models. Additionally, Toyota’s loss of the top position can also be attributed to other car brands offering more discounts and incentives.
According to Mr. Ngo Viet Thanh, a business manager at a car dealership in Ho Chi Minh City, Toyota may have many car models available in the Vietnamese market, but each model has too few variations, while many competitors offer a wide range of options from high to low prices.
However, according to Mr. Ta Cong Tien, the owner of My Style Car Market (Ho Chi Minh City), the decline in Toyota’s car sales may be temporary. The majority of Vietnamese customers still prefer Toyota due to its reliability, lower repair costs compared to other brands, and the availability of spare parts. After a period of use, Toyota cars also have better resale value compared to other car brands.
