Hyundai Takes a Tumble: This Rising Star Surpasses the Korean Giant to Become Vietnam’s Best-Selling Auto Brand for Four Straight Months

Toyota Leads in Sales for July 2024 in Vietnam

According to a report from the Vietnam Automobile Manufacturers’ Association (VAMA), the total market sales for July 2024 reached 28,920 units, a 9% increase from June 2024 and a 17% rise compared to the same period last year.

Thanks to a series of significant promotions from car manufacturers and dealers, the Vietnamese automobile market experienced positive growth in the first seven months. Notably, six models achieved sales of over 1,000 units.

Based on the latest statistics, Toyota maintained its leading position with a total sales volume of 6,479 vehicles.

The Japanese representative continued to assert its dominance with a 25% growth rate compared to the previous month. Among Toyota’s products, the Vios model topped the sales chart with 1,745 units sold.

Below is a list of the top 10 best-selling automotive brands in Vietnam for July, according to VAMA’s data:

Hyundai Stumbles as Toyota Surges Ahead

The Vietnamese automobile market has recently witnessed a close competition between two leading brands from South Korea and Japan: Hyundai and Toyota.

For a long time, Japanese cars have been the ideal choice for most Vietnamese consumers, and their sales figures have consistently ranked among the top in the market. However, in the last few years, with a range of attractive policies, as well as modern design and equipment upgrades, South Korean brands have continuously gained momentum, narrowing the gap with the Japanese giants.

A testament to this is the fact that for the first three months of 2024, the famous South Korean automotive brand, Hyundai, dominated the Vietnamese market.

With 3,569 vehicles sold, Hyundai reigned as the “king” of the Vietnamese automobile market in January 2024. Meanwhile, Toyota, a formidable player in the industry, which used to lead in sales, experienced a shock in January, with a significant drop in sales, managing to sell only 2,208 units, placing them in fourth place.

In February 2024, Hyundai maintained its leading position, selling 2,033 vehicles. Toyota fell to sixth place, selling just 1,248 units, and none of its models surpassed the 200 units/month mark during that month.

Hyundai continued to lead the market in March, with 4,542 vehicles sold. Toyota made a notable comeback, selling 3,865 vehicles, but still ranked second.

After three months at the top, Hyundai unexpectedly stumbled in April 2024, surrendering the leading position to Toyota for four consecutive months.

In April 2024, Toyota topped the sales chart with 4,483 units sold, while Hyundai sold 4,276 units, placing second.

Toyota continued its dominance in the Vietnamese market in May, selling 5,356 vehicles, with Hyundai following closely behind at 4,914 units.

In June and July, Toyota further solidified its position as the sales leader, consecutively topping the market with 5,178 and 6,479 units sold, respectively. Hyundai couldn’t quite catch up, selling 5,047 and 5,329 units in those two months.

Thus, it is evident that Toyota has regained its strong appeal in the Vietnamese market, leading in sales for four consecutive months up to the present.

Faced with pressure from South Korean competitors, who have gained popularity for their youthful appeal and modern features, Toyota made a strategic move by importing more crossover models and hybrid versions to align with current trends. Additionally, the trust that Vietnamese consumers have in “Japanese-made” products has contributed to Toyota’s successful turnaround.

Toyota is also one of the few brands that have consistently had three models in the top 10 best-selling vehicles for several months, including the Toyota Vios, Toyota Yaris Cross, and Toyota Innova Cross.