Will Vietnam’s Auto Market Set a New Sales Record?
According to data from the Vietnam Automobile Manufacturers’ Association (VAMA), VinFast and Hyundai Thanh Cong collectively sold 63,550 vehicles in October. This marks the highest monthly sales figure of the year.
Year-to-date, the total market sales have reached 454,659 units, just 54,482 shy of the 2022 record of 509,141 vehicles.
October car sales surged compared to previous months.
Among these, VinFast stands out with over 124,000 vehicles delivered in the first 10 months. In October alone, the Vietnamese automaker recorded 20,380 sales, a nearly 6,000-unit increase from September—an unprecedented milestone for Vietnam’s auto market.
VAMA members, including giants like Toyota, Ford, Honda, and Mazda, reported combined sales of 289,331 units in 10 months. In October, this group sold nearly 38,000 vehicles, a 21% monthly increase.
Hyundai Thanh Cong, the distributor of Hyundai vehicles in Vietnam, achieved a 10-month cumulative sales of 41,062 units. In October, Hyundai’s sales reached 5,260 units, a modest 23% rise from September.
With two months remaining in 2025 and only 54,000 units needed to surpass the 2022 record, the market is highly likely to set a new benchmark this year. It may even reach 600,000 units, as VinFast accelerates deliveries toward its 200,000 annual target, while other brands offer year-end promotions.
Vietnam’s auto sales are poised to surpass the 2022 peak.
Why is the Market Poised to Break Records Despite Challenges?
In reality, 2025 hasn’t been smooth sailing for Vietnamese automakers. Early-year sales were sluggish, prompting aggressive promotions like 50-100% registration fee discounts to stimulate demand. Even then, consumption remained tepid, with some 2024 models lingering unsold until mid-2025.
The market’s robust growth is largely fueled by VinFast. Notably, VinFast’s 10-month 2024 sales were 55,000 units, compared to over 124,000 in the same 2025 period—a nearly 70,000-unit surge.
With 124,264 deliveries by October, VinFast captured over 27% of Vietnam’s auto market. In October alone, its market share soared to 37.5%, 2.6 times that of runner-up Toyota (14%) and nearly quadruple third-place Hyundai (9.7%).
Excluding VinFast, Vietnam’s auto market would have reached only 330,395 units by October, barely exceeding 2024’s 305,000.
VinFast is the primary growth driver for Vietnam’s 2025 auto market.
Other brands’ efforts—extended warranties, hybrid models, and promotions—also contributed. Toyota, for instance, sold over 73,500 units in 10 months, up from 49,000 in 2024.
Experts view 2025 as a pivotal year, marking a new growth cycle led by electric vehicles. This shift compels traditional automakers to accelerate electrification to maintain their share in Southeast Asia’s most promising auto market.
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