According to a report from the Vietnam Automobile Manufacturers Association (VAMA), the market in October 2024 continued to set a new peak with total sales of 38,761 vehicles, an increase of 5.94% compared to September (36,585 vehicles) and an increase of 52.78% compared to the same period in 2023 (25,369 vehicles).
Of which, passenger car sales reached 30,245 vehicles (up 4% compared to the previous month), commercial vehicles reached 8,290 vehicles (up 13%) and specialized vehicles reached 226 vehicles (up 8%). If considering by origin, domestically assembled vehicles reached 21,113 vehicles (up 8% compared to the previous month), while imported vehicles reached 17,648 vehicles (up 3%).
Through October this year, total sales according to VAMA statistics were 264,344 vehicles, an increase of 12.3% over the same period in 2023 (235,296 vehicles).
It is known that electric car company VinFast announced that it delivered more than 11,000 electric cars of all kinds to customers in October 2024. This means an increase of 21% compared to September, and at the same time, bringing the cumulative total to more than 51,000 cars sold after 10 months.
In the October market share rankings, if VinFast's self-published data is included, this electric car company has the largest market share. Toyota is in second place with 8,736 vehicles (up 25% compared to September). Ford has risen from the bottom of the September top 5 to third place thanks to sales of 5,052 vehicles (up 27%). Mitsubishi sold 4,401 vehicles (down 18%) but still recorded a 79% increase in sales compared to October 2023 and ranked fourth. KIA is in fifth place with 4,271 vehicles (up 6%).
The number of cars sold in the market in October 2024 continued to be thanks to "double incentives" when many car manufacturers maintained discount promotions, while buyers received a 50% reduction in registration fees from the Government for assembled cars. On the other hand, some imported car manufacturers also launched incentives to give customers 50% - 100% of registration fees to compete with assembled cars.
The auto market forecast for November 2024 will continue to surprise because this is the last month of the 50% reduction in registration fees policy. In addition, according to tradition, the demand for car purchases will often increase in the last months of the year. In addition, the real estate market has become vibrant again, contributing to boosting the auto market.
(*) Mercedes-Benz does not publish figures. Hyundai has not published its own figures. The total market figures compiled by VAMA include sales of 17 members and imported cars from car manufacturers outside VAMA.
