Vietnam Vehicle Market Declines 13% Year-on-Year in August
The Vietnam vehicle market declined by 13% year-on-year to 18,891 units sold in August 2026 according to data from the Vietnam Automotive Manufacturers Association (VAMA). This drop excludes major players like VinFast and Hyundai. However, over the first eight months of 2026, total sales rose by 8% compared to the same period last year due to strong economic growth. GDP in Q2 accelerated to 8.4%, up from 7.9% in Q1. Sales for light passenger vehicles increased by 7% and commercial vehicle sales grew by 12%. Truong Hai reported an overall rise of 8% with notable increases in Kia and Mazda models, while Thaco's commercial vehicle sales slightly declined. Toyota saw a significant increase in sales (up 14%), as did Mitsubishi (+32%). VinFast separately announced that its domestic BEV sales surged by 72%, supported by tax exemptions for electric vehicles until February 2027. GlobalData forecasts continued growth, expecting light vehicle sales to rise by another 10% in 2026 after a strong performance of 562,000 units in 2025.
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Topics: economic growth sales decline vehicle market Vietnam