In August 2024, Vietnam’s automotive market experienced a significant decline in sales. According to the latest data released by the Vietnam Automobile Manufacturers’ Association (VAMA), car sales for the month reached only 25,196 units, a 13% decrease compared to the previous month. This downward trend is associated with traditional beliefs, as the seventh lunar month is colloquially known as the “Ghost Month,” during which people tend to avoid purchasing big-ticket items such as houses and cars.
Looking at specific vehicle types, performance varied. Passenger cars were most significantly affected, with sales of only 19,129 units, a 16% month-on-month decrease. Commercial vehicles showed relative stability, with sales reaching 5,901 units, a slight 1% increase compared to the previous month. Special-purpose vehicles experienced the largest decline, with only 166 units sold, a 23% decrease month-on-month.
Analyzing car origins, both domestically produced and imported vehicles experienced the same degree of decline. Sales of domestically produced cars reached 12,064 units, a 13% decrease month-on-month; while completely built-up imported car sales reached 13,132 units, also a 13% decrease month-on-month. This indicates that both local production and international brands were affected by the overall market trend.
Despite the monthly data showing a decline, the automobile market still maintains growth when looking at year-to-date figures. In the first eight months of 2024, total sales by VAMA members reached 188,997 units, a 2% increase compared to the same period in 2023. Passenger cars and commercial vehicles increased by 2% and 4% respectively, while special-purpose vehicles grew by 1%. This indicates that Vietnam’s automotive market is still growing slowly overall.
In the cumulative data for the first eight months, sales of domestically produced cars decreased by 11% year-on-year, while imported car sales increased by 21% year-on-year. This trend reflects that Vietnamese consumers’ preference for imported models may be strengthening, or that imported models are becoming more competitive in the market.
In addition to VAMA members, Vietnam’s automotive market also includes other manufacturers such as Audi, Jaguar Land Rover, Mercedes, Nissan, Subaru, Volkswagen, and Volvo, but these brands have not disclosed specific sales data.
Another important data source is TC Group. The group reported sales of 4,679 vehicles in the first eight months of 2024. Combining the data from VAMA and TC Group, total car sales in Vietnam for the first eight months of 2024 reached 293,676 units.
In terms of brand rankings, Toyota led the Vietnamese automotive market with sales of 4,700 units. Following closely were Hyundai (4,679 units), Ford (3,270 units), Mazda (2,509 units), Kia (2,247 units), and Honda (1,160 units).
Key points summary:
- Vietnam’s car sales in August 2024 decreased by 13% month-on-month, mainly influenced by traditional beliefs.
- Passenger car sales declined most significantly, while commercial vehicle sales showed slight growth.
- Both domestically produced and imported car sales experienced the same degree of decline.
- Cumulative sales for the first eight months of 2024 still maintained slight growth, increasing by 2% compared to the same period last year.
- Imported cars performed better than domestically produced cars in year-to-date cumulative sales, reflecting possible changes in consumer preferences.
- Toyota, Hyundai, and Ford ranked as the top three brands in sales.
To learn more about Vietnam’s car sales trends, changes in consumer preferences, or to stay updated on the latest developments in Vietnam’s automotive market, feel free to contact Jaycy immediately!
