The Vietnam Automobile Manufacturers' Association (VAMA) and car importers reported sales of 29,935 units in May, down 6% from April. VinFast sold 19,503 cars, a 22% decrease, while Hyundai sold 3,921 cars, nearly unchanged.

Combined sales from these manufacturers and importers totaled 53,359 units last month, representing a 12% reduction from April. May marks the second consecutive month of declining sales in the Vietnamese automotive market, following an increase in March after the Lunar New Year holiday period.

According to a marketing and sales manager at a car company in Vietnam, several factors contributed to the market's decline over the past two months. The passenger car segment, which constitutes the largest market share, experienced a significant drop, with VAMA members' sales in May decreasing by 10% compared to April. VinFast, a key growth driver for the industry over the past two years, also saw a reduction in sales.

The rapid launch of new car models by manufacturers in May and June led many customers to adopt a wait-and-see approach rather than finalizing purchases immediately. Additionally, many banks tightened credit limits for car loans, and conflicting information regarding E10 gasoline, which became widely available from 1/6, also prompted some customers to delay their car purchases.

A VF 7 model on display at an event in Hanoi. Photo: Thanh Nhan

Although monthly market sales in 2026 have not yet shown stable growth, demand for cars has increased compared to the same period in 2025. Total industry sales reached 276,013 units during the first five months of 2026, an increase of approximately 34% over the same period in 2025. Within this total, VAMA and car importers sold 156,729 units, marking a 20% rise.

VAMA reported that its members' passenger car sales for the first five months of 2026 increased by 13%, commercial vehicle sales by 32%, and special-use vehicle sales by 119% compared to the same period in 2025.

VinFast continues to lead the market in sales. The Vietnamese car manufacturer sold 97,961 units in the first five months, an increase of about 76% compared to the same period in 2025. VinFast's market share accounts for approximately 35,5% of the total industry.

Toyota ranked second in the market with sales of 28,916 units, up 25% compared to the same period in 2025. Hyundai secured the third position, selling 21,323 units, a 6% increase.

Pham Trung