Vietnam’s auto market roared back to life in March, with car sales jumping 47% compared to February. For the first time, the number of imported cars sold exceeded domestically assembled vehicles.

Following the Tet holiday, the Vietnamese auto market regained its momentum. According to a newly released report by the Vietnam Automobile Manufacturers’ Association (VAMA), its members sold 31,750 vehicles in March - up 47% from February and 16% higher than in March 2024.

This figure includes 22,339 passenger cars (up 53%), 9,231 commercial vehicles (up 36%), and 180 special-purpose vehicles (down 36% from February).

March posts highest monthly sales in Q1

March’s sales total was the highest for the first quarter and even surpassed December 2024, traditionally a peak month for auto sales.

In total, VAMA members sold 72,249 vehicles in Q1 2025, marking a 24% year-on-year increase. Passenger cars rose 22%, commercial vehicles climbed 28%, and special-purpose vehicles surged 104% compared to Q1 2024.

Imported cars outpace domestic models

VAMA's data also revealed a shift in market structure between domestic and imported vehicles. In March, 14,887 locally assembled vehicles were sold, a 35% increase over February. However, imported vehicles reached 16,863 units - up 60% - surpassing domestic sales for the first time in years.

It's important to note that VAMA’s report does not include data from major non-member automakers like VinFast and Hyundai, which report sales separately and contribute significantly to total market volume.

Stats from the General Statistics Office align with the trend

According to the General Statistics Office, an estimated 58,075 new vehicles - both imported and domestically produced - entered the Vietnamese market in March. This represents a 17.2% increase compared to February’s 49,571 units.

Domestic car production in March was estimated at 36,700 units, up 15% from February’s 31,900, and a remarkable 63.6% higher than in March 2024. For Q1 as a whole, local manufacturers produced around 106,400 vehicles, an 81.5% year-on-year increase.

Imported car growth also accelerates

Imported cars kept pace with domestic output in March, with an estimated 21,375 fully built units entering Vietnam, valued at approximately USD 445 million. This marks a 21% increase over February and a 34.8% increase in volume compared to March 2024. The value of imports rose 34.6% year-on-year.

Cumulatively in Q1 2025, Vietnam imported an estimated 46,207 cars, valued at approximately USD 983 million - up 43.5% in volume and 45.9% in value compared to the same period in 2024.

Hoang Hiep