More than 494,000 automobiles were sold in Vietnam last year, a year-on-year increase of 22%, thanks to a boom in sales in the fourth quarter.
It includes figures for Hyundai and VinFast, car importers and the Vietnam Automobile Manufacturers Association, which comprises most other major auto companies.
The market rebounded in the fourth quarter thanks to registration fee incentives for locally assembled vehicles, which were in effect from September to November, and promotions offered by manufacturers and dealers.
VinFast, Toyota, Hyundai and Thaco, which makes Kia, Mazda, Peugeot, and BMW vehicles, accounted for 63% of sales.
Thaco sold 97,000 vehicles for an 18.4% share of the market, but it marked a 7% decline from 2023 due mainly to 9% and 15% decreases in Kia and Mazda sales.
Electric vehicles manufacturer VinFast, which held a 17.6% market share last year, saw the biggest growth in sales of 150% owing to the surging popularity of its VF 5 and VF 3 cars. It sold 87,000 vehicles, with sales to taxi companies accounting for a large share of them.
Hyundai Thanh Cong accounted for 13.6% of the market with sales of 67,168 units, around the same as in 2023. Toyota followed closely with a 13.5% share and sales of 66,676.
