Despite the growing impact of electric vehicles on many budget-friendly segments targeting ride-hailing services, the gasoline small multipurpose vehicle (MPV) segment in Vietnam saw significant growth in the first four months of 2026. This segment recorded a 19,8% increase in sales compared to the same period in 2025, with most models experiencing positive growth.

The Mitsubishi Xpander maintained its dominant position for the first four months of the year, holding a significant lead over its competitors. The Mitsubishi model sold 5,504 units, exceeding the combined sales of the Toyota Avanza and Veloz by over 1,500 vehicles.

The Japanese-made Xpander has consistently topped segment sales for seven consecutive years, maintaining its appeal and facing little pressure from trailing competitors. While the Mitsubishi model achieved a 2,6% growth rate compared to the first four months of 2025, its segment market share expanded by nearly 6 percentage points, rising from 38,4% to 44,8%. This means that nearly one in two small MPVs sold is an Xpander.

In April, the Xpander ranked 3rd among the top 10 best-selling gasoline and diesel vehicles in the market. Currently, dealers are offering incentives ranging from 67 million to 80 million Vietnamese dong (VND), directly reducing the purchase price.

Toyota Veloz sales in April reached 1,503 units, more than doubling its performance from April 2025 and leading the segment. This surge was primarily driven by a 100% registration fee promotion, complemented by dealer incentives.

While the Veloz saw strong sales, its sibling, the Toyota Avanza, remained at the bottom of the sales chart with modest figures. The Avanza offers fewer features and a lower price point. Historically, the slowest-selling position often went to the Suzuki XL7 or Hyundai Stargazer, but for more than one year, this distinction has belonged to the Avanza.

The Korean models, Hyundai Stargazer and Kia Carens, occupy the middle ranks of the sales chart. The Carens appeals to diverse customer segments due to its broad price range. For the Stargazer, a new update released in March, combined with ongoing promotional programs, has helped improve its market appeal.

The Honda BR-V experienced the most significant sales decline within the segment. In the first four months of 2026, the BR-V sold 905 units, a decrease of over 37% compared to the same period in 2025. Its relatively high price point in the segment, coupled with less aggressive promotions than competitors, contributed to its slower sales performance.

Similar to the Avanza, the Suzuki XL7 also recorded slow sales. Despite a 9,5% growth compared to the first four months of 2025, its total of 842 units sold in the first four months of 2026 is less than what leading models achieve in a single month.

An Xpander driving in Vietnam. Photo: Pham Trung

Over the past several years, while competitors have introduced updated versions or added new features, both the Avanza and Veloz have remained largely unchanged. Their most significant 'upgrade' was arguably a price adjustment in 3/2024.