In 2024, despite lingering challenges in Vietnam's automotive market, car manufacturers have actively introduced new models, offering consumers a wider and more attractive range of options.

By the end of November, the cumulative sales of the automotive industry, including the Vietnam Automobile Manufacturers Association (VAMA), TC Motor, VinFast, and importers, reached 434,393 units. This marks a modest 7% increase compared to the same period last year.

A year of growth and innovation

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Market sales in the final months of 2024 experienced strong growth. Screenshot.

This positive trend suggests that Vietnam’s auto market could close 2024 with approximately 10% growth compared to 2023. Notably, 27 new models were introduced in the first half of the year.

The number of new models increased significantly in the latter half of 2024 due to intensified marketing efforts by automakers, government incentives, and the return of the Vietnam Motor Show (VMS). Additionally, the electrification trend and the entry of Chinese car brands became more pronounced in the final six months.

Let’s review the notable car launches from July to December 2024 to gain a full picture of Vietnam’s evolving auto market.

July

Ford Transit (from 905 to 1,499 million VND): Assembled locally, entirely new model.

VinFast VF 8 Lux (from 1,170 to 1,569 million VND): Locally assembled, new version.

Nissan Navara (from 685 to 960 million VND): Imported from Thailand, new version.

BYD Dolphin, Atto 3, Seal (from 659 to 1,359 million VND): Imported from China, all-new models.

July marked the launch of the next-generation Ford Transit, with three variants poised to maintain its dominance in the 16-seater commercial vehicle segment. VinFast unveiled the VF 8 Lux, offering a distinct exterior designed for personal use rather than ride-hailing.

Chinese electric carmaker BYD debuted in Vietnam with a diverse lineup, including a hatchback (Dolphin), an SUV (Atto 3), and a sedan (Seal).

August

Suzuki XL7 Hybrid (from 905 to 1,499 million VND): Imported from Thailand, upgraded model.

GAC M8, GS8 (from 1,269 to 2,199 million VND): Imported from China, all-new models.

MG 7 (from 738 to 1,018 million VND): Imported from China, all-new model.

Despite coinciding with the Ghost Month (July in the lunar calendar), August witnessed significant launches at its end. The Suzuki XL7 transitioned to a full hybrid system. Chinese automaker GAC entered the Vietnamese market with a focus on SUVs and MPVs.

September

Mitsubishi Triton (from 655 to 924 million VND): Imported from Thailand, all-new model.

KIA Carnival (from 1,299 to 1,589 million VND): Locally assembled, upgraded model.

Hyundai Santa Fe (from 1,069 to 1,365 million VND): Locally assembled, all-new model.

September saw the release of only three models. The highlight was the new-generation Hyundai Santa Fe, which sparked debate over its bold design.

October

Porsche Panamera (3,400 million VND): Imported from Germany, all-new model.

Mercedes-Maybach EQS 680 SUV (7,610 million VND): Imported from Germany, all-new model.

Toyota Land Cruiser Prado (from 3,460 to 3,480 million VND): Imported from Japan, all-new model.

Porsche Taycan (from 4,620 to 9,510 million VND): Imported from Germany, upgraded model.

Toyota Camry (from 1,220 to 1,530 million VND): Imported from Thailand, all-new model.

October was a pivotal month for new car launches, coinciding with the Vietnam Motor Show. Electric and hybrid vehicles dominated, including models like the Mercedes-Maybach EQS 680 SUV and Toyota Camry Hybrid.

November

Volvo EC40 (1,470 million VND): Imported from Malaysia, all-new electric model.

Range Rover Velar (from 3,729 to 5,689 million VND): Imported from the UK, upgraded model.

Omoda C5 (from 589 to 669 million VND): Imported from Indonesia, all-new model.

November saw the introduction of Volvo’s first electric model in Vietnam, the EC40, as well as the debut of the Omoda brand with the C5 SUV.

December

Porsche Macan EV (from 3,480 to 5,860 million VND): Imported from Germany, all-new electric model.

Maserati GranTurismo (9,860 million VND): Imported from Italy, all-new model.

MINI Countryman: Locally assembled, all-new model.

The year concluded with premium brands unveiling new models, such as the electric Porsche Macan EV and Maserati GranTurismo.

Final Insights

A total of 37 new models were introduced in the last six months of 2024, bringing the year’s tally to 64 new models. Although this number is slightly lower than in 2023, the focus on high-demand segments like SUVs and MPVs has helped boost sales.

The electrification trend, supported by government incentives and infrastructure improvements, is expected to continue driving Vietnam’s automotive market forward.

Ngo Minh