According to the Vietnam Automobile Manufacturers Association (VAMA), October’s sales hit a new peak with 38,761 vehicles sold, a 5.94% increase over September (36,585 vehicles) and a 52.78% increase over October 2023 (25,369 vehicles).

In October, passenger cars accounted for 30,245 units (up 4% from the previous month), commercial vehicles 8,290 units (up 13%), and specialty vehicles 226 units (up 8%). By origin, domestically assembled vehicles reached 21,113 units (up 8% from September), while imported vehicles reached 17,648 units (up 3%).

In the first 10 months of 2024, total sales, as reported by VAMA, reached 264,344 vehicles, up 12.3% compared to the same period in 2023 (235,296 vehicles).

VinFast, an electric vehicle (EV) brand, announced deliveries of over 11,000 EVs to customers in October, a 21% increase from September, bringing the brand’s cumulative 2024 sales to over 51,000 units.

In October’s market share rankings, VinFast led the market if its self-reported sales are included. Toyota ranked second with 8,736 units sold (up 25% from September). Ford climbed from the bottom of the top five in September to third place with 5,052 units sold (up 27%). Mitsubishi, despite a decrease of 18% in sales from the previous month, saw a 79% year-over-year increase from October 2023, reaching 4,401 units and ranking fourth. KIA took fifth place with 4,271 units (up 6%).

October’s record sales were driven by a “double incentive” effect, as many brands maintained promotional discounts while buyers benefitted from a 50% government reduction in registration fees for domestically assembled cars. Some import brands also offered to cover 50-100% of the registration fee to compete with locally assembled vehicles.

November auto sales are expected to continue to surprise, as the 50% registration fee discount is set to expire at the end of the month. Additionally, year-end demand is traditionally high, and a rebound in the real estate market is also contributing to higher car sales.

* Mercedes-Benz did not release data. Hyundai has yet to release specific data. Market-wide data provided by VAMA includes sales figures from 17 members and import sales from brands outside VAMA.

Dinh Quy