The Sadness of Toyota Vietnam: Will Hyundai Follow in Their Footsteps and Repeat Their Forgettable Record for a Second Time?

According to the latest statistics from the Vietnam Automobile Manufacturers’ Association (VAMA), the total market sales in April 2025 reached 29,585 units, a 7% decrease compared to the previous month. In the first four months of 2025, the total market consumption reached 101,834 units, a 23% increase compared to the same period in 2024.

Looking at the sales figures for each manufacturer, in April 2025, Toyota delivered a total of 5,566 vehicles to consumers, a 4.17% increase compared to the previous month.

A notable point in the April 2025 automotive market was the absence of Toyota in the top 10 best-selling models. Even the sedan once considered a “trump card” – the Toyota Vios – did not appear in the rankings. This is not the first time Toyota has found itself in this situation. Previously, in February 2024, the Japanese automaker also experienced a month without any models in the top 10.

Entering 2025, the situation did not improve much. In the first two months of the year, Toyota had only one model appear in the list each month: the Yaris Cross with 645 units in January and the Vios with 754 units in February. In March, the situation improved slightly as both the Yaris Cross (1,185 units) and Vios (1,041 units) achieved high sales figures.

However, in April, Toyota’s growth momentum stalled. The company’s two main models recorded a decrease in sales: the Yaris Cross sold only 1,080 units (down 8.8%), and the Vios achieved 773 units (down 25.7%) compared to the previous month. Although still among Toyota’s best-selling vehicles, this decline reflects the challenges the company is facing in the increasingly competitive Vietnamese automotive market.

Toyota is not the only automaker facing challenges. Hyundai, another major player in the Vietnamese market, is in a similar situation. Notably, Hyundai was also absent from the top 10 best-selling cars in February 2025, and in April, the company recorded a significant decrease in sales for its key models.

Specifically, the Hyundai Accent, which used to maintain a solid position in the top 10, sold only 568 units in April, a 45.8% decrease compared to the previous month. The Hyundai Tucson achieved 506 units (down 51.6%), and the Santa Fe sold only 129 units (a significant drop of 68.3%). Amidst this overall sales decline, the Hyundai Creta was a rare bright spot, unexpectedly achieving strong growth with 1,059 units, more than double the sales of the previous month.

After a less-than-ideal performance in April 2025, Toyota and Hyundai have introduced attractive incentives for their key models in May 2025. Toyota is offering a 50% discount on registration fees and one year of free car insurance for the Vios, Veloz Cross, and Avanza Premio models. The Yaris Cross and Corolla Cross also come with a 50% discount on registration fees, ranging from 33-38 million VND and 41-46 million VND, respectively.

Additionally, Toyota has introduced a special program offering a 2 million VND incentive for Be and Grab drivers or drivers of service vehicles with yellow plates who successfully refer other drivers to purchase the Veloz Cross or Avanza Premio for business purposes.

Meanwhile, Hyundai is offering a 100% discount on registration fees for several models, including the Grand i10, Accent, Stargazer X, Creta, Elantra, Custin, Santa Fe, and Palisade. It is important to note that the actual discount may vary depending on the dealership. At some dealerships, the Hyundai Santa Fe is being offered with significant discounts of up to 200 million VND. The lowest-priced Exclusive trim is priced at 970 million VND (a discount of 100 million VND), the mid-range Prestige trim is offered at 1.07-1.1 billion VND (a discount of 165-195 million VND), and the top-of-the-line Santa Fe Turbo Calligraphy trim is available for 1.175-1.2 billion VND (a discount of 165-190 million VND). These offers also include additional gifts, accessories, and maintenance vouchers.