1.VinFast leads the market  

 

VinFast dominated sales with 67,000 vehicles sold in 11 months, projected to surpass 80,000 units by year-end. This underscores growing consumer trust in Vietnamese-made cars, particularly electric vehicles (EVs).

2. Vietnamese cars exported to Thailand     

 

Hyundai Thanh Cong exported Hyundai Palisade cars to Thailand, marking a breakthrough for Vietnamese car exports and signalling competitive quality in international markets.

3. Vietnam Motor Show revival

 

The Vietnam Motor Show (VMS 2024) made a comeback, hosting 19 brands and attracting nearly 240,000 visitors, though it lacked major luxury brands and contract signings seen in past events.

4. Registration fee reduction boosted sales

 

A 50 per cent reduction in registration fees for domestically manufactured vehicles (Sept-Nov 2024) significantly stimulated sales, benefitting brands like VinFast, Toyota, and Honda.

5. Surge in Chinese brands

 

The market saw an influx of seven new Chinese brands, including BYD and GAC, bringing the total number of marques in Việt Nam to over that of Japanese competitors.

6. Tasco-Volvo acquisition

 

Tasco Auto acquired Sweden Auto, the official Volvo importer and collaborated with Geely to establish a new car factory in Thái Bình Province, reinforcing its role in Việt Nam's automotive sector.

7. VinFast's localisation strategy

 

VinFast committed to achieving an 84 per cent localisation rate for its EVs by 2026, focusing on domestic production of components and battery cells to enhance cost-efficiency and competitiveness.

8. New electric car factory in Hà Tĩnh

 

VinFast began constructing its second EV factory in Hà Tĩnh Province, with a planned capacity of 300,000 vehicles per year in Phase 1. This $310 million investment will support rising EV demand.

9. Popularity of urban SUVs

 

Compact SUVs like the Toyota Corolla Cross and Kia Seltos remained favourites, catering to urban consumers with their practicality, fuel efficiency and adaptability.

10. Market recovery and growth

 

The market rebounded strongly, with total vehicle sales reaching around 420,000 units by November 2024—a 12 per cent increase year-over-year. SUVs and crossovers led the charge, highlighting shifting consumer preferences.

The Vietnamese vehicle market in 2024 demonstrated resilience and innovation, driven by domestic brands like VinFast, supportive policies and international market expansions. The growth in EVs, localisation efforts and strategic partnerships set the stage for a competitive and sustainable future. — VNS