{"id":26174,"date":"2026-10-23T18:03:34","date_gmt":"2026-10-23T11:03:34","guid":{"rendered":"https:\/\/b-company.jp\/?p=26174"},"modified":"2026-10-23T18:03:34","modified_gmt":"2026-10-23T11:03:34","slug":"vietnams-automobile-market-in-q3-2026-strong-growth-and-accelerating-electrification","status":"publish","type":"post","link":"https:\/\/b-company.jp\/vi\/vietnams-automobile-market-in-q3-2026-strong-growth-and-accelerating-electrification\/","title":{"rendered":"Th\u1ecb tr\u01b0\u1eddng \u00f4 t\u00f4 Vi\u1ec7t Nam trong Q3\/2026: T\u0103ng tr\u01b0\u1edfng m\u1ea1nh v\u00e0 \u0111i\u1ec7n h\u00f3a t\u0103ng t\u1ed1c"},"content":{"rendered":"

\"B&Company-Vietnam<\/a><\/p>\n

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B&Company is the first Japanese company specializing in market research and investment consulting in Vietnam since 2008.<\/em><\/p>\n

In this section “Vietnam Briefing”, young researchers of B&Company will provide timely information of Vietnam’s industrial trends, consumer trends, and social movements.<\/em><\/p>\n

This article was originally written in English. To make our insights accessible to a wider audience, translated versions are provided using AI translation technology. For the latest updates or more detailed information, please also refer to the original English version. Although we strive to ensure the accuracy of the original information, please check separately for each information. Interpretations and future prospects are the personal opinions of each researcher. <\/em><\/p>\n<\/div>\n\t

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Vietnam\u2019s automobile market continued to grow in Q3\/2026, driven by the expansion of electric vehicles and changing consumer preferences. Competition is intensifying as established automakers face pressure from emerging brands, aggressive pricing strategies, and increasing vehicle imports. Looking ahead, supportive government policies, expanding EV charging infrastructure, and efforts to strengthen domestic automotive manufacturing are expected to shape the market\u2019s development and create new business opportunities for manufacturers, suppliers, and service providers.<\/p>\n

Vietnam’s Automobile Market Performance in Q3\/2026<\/strong><\/h3>\n

Vietnam’s automobile market continued to record strong growth in the third quarter of 2026, reflecting sustained demand despite fluctuations in monthly sales. Compilation of sales data from the Vietnam Automobile Manufacturers’ Association (VAMA, which covers most foreign and joint-venture brands but generally excludes Chinese brands), VinFast, and Hyundai Thanh Cong, approximately 170 thousand vehicles were sold in Q3\/2026, an increase of 25% compared to around 136 thousand vehicles in Q3\/2025.<\/p>\n

\"Vietnam's<\/p>\n

Source: \u00a0B&Company\u2019s synthesis from VAMA[1]<\/a>, Vinfast[2]<\/a> and Huyndai Thanh Cong (TC Group)[3]<\/a><\/p>\n

In Q3\/2026, VinFast was the main contributor to market growth, recording an increase of approximately 81% year-on-year, significantly outpacing the 7% growth in VAMA-reported sales, while Hyundai Thanh Cong experienced a decline of 11%.<\/p>\n

Monthly sales also fluctuated considerably, falling by approximately 18% in August before rebounding by 29% in September. The August slowdown coincided with the seventh lunar month but was mainly concentrated in VAMA sales, which fell by 25%, compared with 7% for VinFast and 17% for Hyundai Thanh Cong. In September, VAMA sales rebounded by 38%, compared with 17% for VinFast and 32% for Hyundai Thanh Cong. This sharper decline and subsequent recovery suggest that purchases in the VAMA-reported segment may have been postponed during the seventh lunar month, while VinFast was less affected and Hyundai Thanh Cong experienced more moderate fluctuations.<\/p>\n

\"Vietnam<\/p>\n

Source: \u00a0B&Company\u2019s synthesis from VAMA[4]<\/a>, Vinfast[5]<\/a> and Huyndai Thanh Cong (TC Group)[6]<\/a><\/p>\n

Looking at the broader market, combined automobile sales reported by VAMA, VinFast, and Hyundai Thanh Cong reached approximately 495,000 vehicles in the first nine months of 2026, up 27% year-on-year. VinFast remained the main growth driver, with sales increasing by 71%, compared with 12% growth in VAMA sales and a 1% decline for Hyundai Thanh Cong.<\/p>\n

Key Market Trends: Electrification and Changing Consumer Preferences<\/strong><\/h2>\n

Beyond overall sales growth, Vietnam’s automobile market in Q3\/2026 witnessed shifts in consumer preferences, supported by rising fuel costs, government incentives, and a wider range of vehicle options:<\/p>\n

– Growing demand for affordable electric vehicles:<\/strong> Electric vehicles are gaining popularity among individual consumers and commercial transport operators, supported by rising fuel prices[7]<\/a>, tax incentives, and increasingly affordable models. Battery electric vehicles benefit from a 0% first-time registration fee[8]<\/a>, while VinFast’s launch of the VF 2 in July 2026, priced at just VND 188 million, further expanded low-cost EV options[9]<\/a>. Strong sales of affordable models such as the VinFast VF 3, VF 5, and Limo Green, which together accounted for approximately 63% of VinFast’s total sales in the first nine months of 2026, reflect growing demand for practical, cost-efficient vehicles suited for urban mobility and ride-hailing services.[10]<\/a><\/p>\n

– Rising popularity of hybrid vehicles:<\/strong> Hybrid sales among VAMA members increased by 64% year-on-year in the first nine months of 2026[11]<\/a>. This growth has been supported by rising fuel costs and favorable tax policies, with qualifying hybrid vehicles benefiting from a special consumption tax rate equivalent to 70% of that applied to comparable gasoline-powered vehicles since January 2026[12]<\/a>. Hybrids also offer a practical alternative for consumers seeking fuel efficiency without relying on external charging infrastructure.<\/p>\n

– Shifting preferences toward SUVs, crossovers, and MPVs:<\/strong> Vietnamese consumers increasingly favor spacious and versatile vehicles over traditional sedans. In the first nine months of 2026, SUV and MPV sales among VAMA members totaled approximately 96,700 units, accounting for around 66% of reported passenger-car sales. Their popularity reflects growing demand for practical vehicles suited to family transportation, daily commuting, and commercial services.[13]<\/a> [14]<\/a><\/p>\n

The VinFast VF 3 was the best-selling car in Q3\/2026, with 18,491 units sold<\/strong><\/p>\n

\"The<\/p>\n

Source: Vnexpress<\/a><\/p>\n

Competitive Landscape and Vehicle Supply Structure<\/strong><\/h2>\n

Vietnam’s automobile market is becoming increasingly competitive, with established manufacturers facing growing pressure from domestic electric vehicle producers and new international entrants.<\/p>\n

Competition across electric, hybrid, and gasoline vehicles<\/em><\/strong><\/h3>\n

As electric vehicles gain popularity, established automakers such as Toyota are increasingly strengthening their hybrid portfolios to compete with VinFast and emerging Chinese EV brands. Toyota sold over 11,180 hybrid vehicles in 9M2026, approximately doubling its sales from a year earlier[15]<\/a>. \u00a0By offering improved fuel efficiency without requiring external charging infrastructure, hybrids allow traditional automakers to respond to growing EV competition while retaining customers who are not yet ready to switch to fully electric vehicles.<\/p>\n

Meanwhile, conventional gasoline vehicles, particularly B-segment sedans, face increasing competitive pressure. Sales in this segment declined by 20% year-on-year in 9M2026, while Toyota Vios sales fell by approximately 18%[16]<\/a>, despite manufacturers offering substantial incentives, including registration-fee support worth up to VND 54 million for the Vios in September.[17]<\/a> This suggests that traditional automakers face a dual challenge: expanding hybrid sales to capture changing demand while relying on price incentives to maintain gasoline vehicle sales, potentially putting pressure on profit margins. Aggressive new-car discounting has also put downward pressure on used-car resale values, affecting consumer purchasing decisions in the second-hand market.[18]<\/a><\/p>\n

Competition between imported and domestically assembled vehicles<\/em><\/strong><\/h3>\n

Regarding vehicle supply, imported completely built-up (CBU) vehicle sales increased by 22% year-on-year in the first nine months of 2026, compared with only 2% growth for domestically assembled (CKD) vehicles within VAMA’s reporting scope. CBU sales growth was partly supported by the 0% import tariff on qualifying vehicles from ASEAN countries, particularly Thailand and Indonesia, which supply many affordable, mass-market models.[19]<\/a><\/p>\n

The current 0% ASEAN preferential import tariff schedule is valid until the end of 2027, making the post-2027 policy framework particularly relevant to brands relying on ASEAN imports, such as Toyota (Yaris Cross, Innova Cross), Mitsubishi (Xpander, Xforce)[20]<\/a>. Any changes to preferential tariff conditions could affect their import costs and pricing strategies, potentially influencing competition with domestically assembled vehicles.<\/p>\n

Competition across automobile brands<\/em><\/strong><\/h3>\n

\"Top<\/p>\n

Unit: Thousand cars<\/p>\n

Source: B&Company’s visualization based on data from thanhnien.vn<\/a>, compiled from VAMA, VinFast, and Hyundai Thanh Cong.<\/p>\n

VinFast maintained a substantial lead in the first nine months of 2026, with sales more than three times those of Toyota, the second-largest brand. Its strong performance was supported by popular electric models such as the VF 3, VF 5, and Limo Green. Among foreign automakers, Toyota remained the market leader, driven by models such as the Yaris Cross and Innova Cross, while Mitsubishi’s Xforce, Hyundai’s Tucson, Ford’s Territory, Mazda’s CX-5, THACO truck, and Honda CR-V were among the notable contributors to their respective brands’ sales.[21]<\/a><\/p>\n

Automobile Brands in Vietnam by Country of Origin, September 2026<\/strong><\/p>\n

\"Automobile<\/p>\n

Source: Vnexpress<\/a><\/p>\n

The market is also seeing a growing presence of Chinese automakers. As of September 2026, Chinese manufacturers accounted for 14 of the 31 mainstream automobile brands in Vietnam, nearly twice the number of Japanese brands. However, their combined market share remained below 3% in H1\/2026.[22]<\/a> In 9M2026, Chinese brands sold approximately 15,522 vehicles, led by BYD (4,029), MG (3,133), and Geely (2,835).[23]<\/a><\/p>\n

Despite their growing presence, Chinese automakers have yet to achieve sales volumes comparable to leading established brands. In 2025, Vietnam imported around 50,000 vehicles from China, while reported Chinese-brand sales totaled nearly 20,000 units. This large gap points to substantial unsold inventory, while Chinese-brand vehicles have yet to gain widespread popularity among Vietnamese consumers.<\/p>\n

Market Outlook and Business Opportunities<\/strong><\/h2>\n

Vietnam’s automobile market is expected to maintain its growth momentum toward the end of 2026, supported by strong sales in the first nine months. Cumulative sales reached nearly 500,000 vehicles, averaging 55,000 monthly. If this pace continues, annual sales could exceed 660,000 vehicles, surpassing the record of 604,134 in 2025.[24]<\/a> However, growing price competition raises uncertainty about the sustainability of this growth.<\/p>\n

Government incentives continue to support electric and hybrid vehicle adoption. Battery electric vehicles (BEVs) benefit from a 0% first-time registration fee and a preferential 3% special consumption tax through 2030.[25]<\/a> [26]<\/a> Eligible hybrid vehicles also enjoy a special consumption tax rate equivalent to 70% of comparable gasoline-powered vehicles.[27]<\/a> However, lower fuel prices could weaken EVs’ cost advantage, while the ASEAN tariff framework after 2027 may influence competition between imported and domestically assembled vehicles.<\/p>\n

The rapid adoption of EVs is creating demand for charging infrastructure and related services. In March 2026, V-Green announced a VND 10 trillion investment plan to develop 99 large-scale charging stations nationwide, while VETC (part of Tasco, a major automobile distributor handling brands such as Toyota and Mitsubishi) and EBOOST are expanding multi-brand charging networks[28]<\/a> [29]<\/a>. However, V-Green’s strong position in VinFast’s charging ecosystem may limit opportunities for independent operators, making equipment supply, partnerships, and EV maintenance services more accessible business opportunities.<\/p>\n

Vietnam is also seeking to strengthen domestic automotive manufacturing and reduce its reliance on imported components. Under the Supporting Industry Development Program for 2026\u20132035, the government targets an automotive localization rate of 22\u201330% by 2030[30]<\/a>. This creates potential opportunities for manufacturers of precision mechanical parts, electronic components, and other automotive parts that can meet the quality requirements of domestic and international automakers.<\/p>\n

How B&Company can support your success in Vietnam<\/strong><\/h2>\n

With over 15 years of experience in market research and investment consulting, B&Company helps Japanese and international businesses navigate Vietnam\u2019s evolving automotive market.<\/p>\n

– Market research and opportunity analysis:<\/strong> Assess market demand, trends, regulations, competition, and emerging business opportunities.<\/p>\n

– Local expert interviews and customer insights:<\/strong> Understand consumer preferences and industry practices through interviews with customers, dealers, manufacturers, and industry experts.<\/p>\n

– Partner search and business matching: <\/strong>Leverage a database of over 1 million Vietnamese companies to identify potential distributors, suppliers, and business partners.<\/p>\n

– Market entry and investment support:<\/strong> Assist with market entry strategies, investment procedures, and business expansion planning.<\/p>\n

B&Company\u202fserves not only as a consultant but also as a strategic bridge, enabling foreign companies to enter and expand in Vietnam\u2019s\u202fautomotive\u202fmarket with confidence, compliance, and sustainable growth.<\/p>\n

Read more<\/strong><\/h3>\n

Update on Vietnam Automotive and Vehicle market \u2013 Q4\/2025<\/a><\/p><\/blockquote>\n