Brian Jeffrey
The Vietnam Automobile Manufacturers Association (VAMA) has announced that sales reached an impressive 38,761 vehicles in October, marking a 5.94% rise compared to September’s 36,585 units. This figure also represents a substantial 52.78% increase over October 2023, which saw sales of 25,369 vehicles.
During October, the breakdown of vehicle sales reveals that passenger cars constituted 30,245 units (up 4% from the previous month), while commercial vehicles reached 8,290 units (up 13%), and specialty vehicles totaled 226 units (up 8%). In terms of manufacturing origin, domestically produced cars amounted to 21,113 units (an 8% increase from September), while imports were at 17,648 units (up 3%).
For the first ten months of 2024, VAMA recorded total vehicle sales of 264,344 units, reflecting a 12.3% increase from the same period in 2023, which had sales of 235,296 vehicles.
VinFast, known for its electric vehicles (EVs), reported the delivery of over 11,000 EVs in October, a 21% rise from September. This brings the total sales for VinFast in 2024 to over 51,000 vehicles.
In terms of market share for October, VinFast led the rankings when including its self-reported sales figures. Toyota followed in second place with 8,736 units sold (up 25% from September). Ford moved up from last place in the top five to third with 5,052 units sold (up 27%). Despite an 18% decline in sales from the previous month, Mitsubishi saw a significant 79% year-over-year increase, selling 4,401 units, ranking fourth. KIA secured the fifth position with 4,271 units sold (up 6%).
The robust sales in October were fueled by a combination of ongoing promotions and a temporary 50% reduction in registration fees for domestically assembled cars that benefitted buyers. Some imported brands also offered to waive 50-100% of registration fees to remain competitive.
Looking ahead to November, auto sales are anticipated to maintain their upward trajectory in light of the registration fee discount expiring at the end of the month. In addition, year-end demand generally surges, further supported by a rebound in the real estate market.
* Mercedes-Benz has not provided its sales figures, and Hyundai is yet to release specific data. The market-wide statistics from VAMA include numbers from 17 member companies as well as imports from brands not part of VAMA.
