Sales volume of cars in Vietnam 2014-2023

In 2023, the total sales volume of vehicles in Vietnam amounted to over 276 thousand units, reflecting a decrease from the previous year. Meanwhile, passenger vehicle sales, accounting for the largest share of the total sales volume, reached approximately 214.6 thousand units in that year.

Vietnam’s emerging automobile industry

In Vietnam, the low car ownership rate did not reflect consumers’ interest in owning a car. Automobiles, regarded as a major investment for Vietnamese households, appeal to the majority of consumers because of their convenience, safety, and comfort. Moreover, cars also symbolize success and wealth among Vietnamese consumers. With rising car demand, in line with the country’s fast-growing middle class, Vietnam’s dynamic automotive landscape seems to have a bright outlook.

The future of electric vehicles (EV) in Vietnam

In recent years, electric vehicles have been gaining popularity worldwide thanks to their environmentally-friendly and long-term cost-effective advantages. Although the usage of electric vehicles in Vietnam remains modest, many Vietnamese consumers have been aware of these eco-friendly vehicles. Even though the lack of EV charging stations and high initial purchase costs may have deterred consumers from investing in such a car, around 34 percent of Vietnamese consumers who planned to buy a car revealed they would consider choosing an electric car. Thanks to government incentives, such as tax rebates, subsidiaries, and policies regarding electric cars, as well as investment in EV infrastructure, the electric vehicle market in Vietnam is expected to experience significant growth in the future.