While total sales in the whole region decreased slightly by 1.7%, Vietnam stood out with impressive purchasing power, reaching 118,813 vehicles if including VinFast and Hyundai.
Data from the Vietnam Automobile Manufacturers Association (VAMA) shows that total automobile sales (excluding VinFast and Hyundai) reached 72,249 vehicles, up 24% over the first quarter of 2024. The passenger car segment accounts for more than 51,000 vehicles, an increase of 22%; commercial vehicles reached 20,360 vehicles, an increase of 28%, while specialized vehicles doubled, reaching 800 vehicles. The hybrid car line alone has increased by 80% with 2,562 units sold, boosted by new models such as the Toyota Camry hybrid and Suzuki XL7 hybrid.
According to Nikkei Asia, compared to other markets, Vietnam has surpassed the Philippines in first quarter sales, while Thailand and Malaysia recorded a decrease of 7% and 7.4%, respectively. Although the Thai market recovered slightly compared to the previous quarter, it was still affected by high household debt. In Malaysia, expectations are mounting on the electric vehicle boom with the strong participation of Chinese companies such as Jetour and Great Wall Motors.
Overall, Vietnam's impressive growth is showing the potential for recovery and expansion of the domestic auto market, especially in the context of the region facing many economic challenges.
