- Vietnam automobile sales dropped 10.8% year-over-year in February mainly due to Lunar New Year seasonality.
- Hybrid vehicle demand surged significantly despite an overall market slowdown.
The Vietnam Automobile Manufacturers Association automobile sales Vietnam report released on March 10 highlighted a temporary slowdown in the country’s automotive market during February. Total vehicle sales, including imports from manufacturers outside the association, reached 19,278 units, representing a 10.8% year-over-year decline. The drop was largely attributed to seasonal effects from the Lunar New Year holiday, which traditionally reduces showroom traffic and vehicle purchases across the country.
February Vehicle Sales Performance in Vietnam
The report shows a clear breakdown between locally assembled and imported vehicles during the month. Completely Knocked Down (CKD) units accounted for 9,220 vehicles, while Completely Built-Up (CBU) imports totaled 10,058 units. Sales from the 20 manufacturers within the Vietnam Automobile Manufacturers Association fell by 8.8% year-over-year to 15,665 units, reflecting a broad slowdown across most vehicle segments during the holiday period.
| Sales Category | Units Sold (February) |
|---|---|
| Total Market Sales | 19,278 |
| CKD Vehicles | 9,220 |
| CBU Vehicles | 10,058 |
| VAMA Member Sales | 15,665 |
Segment-Level Market Trends
Passenger vehicle sales among VAMA members declined by 11.1% year-over-year, while commercial vehicle sales dropped by 9.5%. Special purpose vehicles experienced the steepest decline at 99.3%, indicating extremely low demand in that segment during the reporting period. In contrast, hybrid vehicles recorded strong momentum, rising 48.0% year-over-year to 1,119 units, while battery electric vehicles accounted for only one unit sold during the month.
Brand Performance and Market Share
Brand-level data compiled from MarkLines Data Center shows mixed results across manufacturers operating in Vietnam. Toyota recorded strong growth with sales rising 24.9% year-over-year to 3,890 units, giving it a 20.2% market share. Several other major brands reported declines, reflecting the broader seasonal slowdown in vehicle demand during February.
| Brand | February Sales | Market Share |
|---|---|---|
| Toyota | 3,890 | 20.2% |
| Ford | 2,473 | 12.8% |
| Thaco Mazda | 1,790 | 9.3% |
| Mitsubishi | 1,784 | 9.3% |
| Thaco Kia | 1,740 | 9.0% |
| Thaco Truck | 1,284 | 6.7% |
| Honda | 1,052 | 5.5% |
Despite the monthly decline, the broader market trend remains positive. Cumulative vehicle sales during the first two months of the year increased 38.7% year-over-year to reach 56,153 units. According to the association, Vietnam’s automotive sector is expected to maintain growth momentum through economic recovery, increasing mobility demand, and the launch of multiple new vehicle models across the market in the coming months.
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