Southeast Asia Information Port (www.dnyxxg.com) – In the first quarter of 2026, Vietnam's automotive market experienced a strong recovery, with total sales reaching 162,039 units, a surge of 36% compared to the same period in 2025. March sales alone exceeded 70,000 units, more than doubling month-on-month, marking the end of the market downturn at the beginning of the year and ushering in a new stage of development driven by "recovery + transformation." Notably, the electrification transformation has yielded significant results, with pure electric vehicles and hybrid vehicles becoming the core drivers of growth, accelerating the restructuring of the market.
I. Strong Overall Market Rebound, Sales Reach New Highs
According to statistics, in March 2026, Vietnam's total automotive market sales reached 70,859 units (including members of the Vietnam Automobile Manufacturers Association/VAMA, Hyundai Thanh TC Group, and VinFast), an increase of over 100% compared to February, setting a new sales peak in recent months. Looking at the quarterly figures, the total market sales in Q1 2026 reached 162,039 units, a year-on-year increase of over 36%, demonstrating a strong recovery momentum.
Analyzing key data: VAMA member performance: March sales reached 38,704 units, a month-on-month increase of 101% and a year-on-year increase of 122%; Q1 cumulative sales reached 94,857 units, a year-on-year increase of 31%. Among these, passenger vehicles accounted for 24,858 units (+101%), commercial vehicles 13,323 units (+104%), and special-purpose vehicles 523 units (+45%), with all market segments showing simultaneous growth, reflecting a coordinated recovery in consumer demand and production and business activities. Imported vehicles led the growth: Among VAMA members, sales of fully imported vehicles reached 23,011 units in March (up 129% month-on-month), with a cumulative total of 51,910 units in Q1 (up 40% year-on-year); domestically assembled vehicles sold 15,693 units in March (up 70% month-on-month), with a cumulative total of 42,947 units in Q1 (up 22% year-on-year). The growth rate of imported vehicles significantly exceeded that of domestically assembled vehicles. Leading brands made significant contributions: TC Group sold 4,546 units in March, and VinFast sold 27,609 units (including pure electric vehicles). Together, they drove total market sales to over 70,000 units, becoming a key force in the recovery.
It should be noted that the above data does not fully cover the entire market. Sales performance of several international brands not included in VAMA, such as Audi, BYD, Jaguar Land Rover, and Geely, is not included in the statistics. The actual size of the Vietnamese automotive market still has room for further expansion. II. Accelerated Electrification Transition, Pure Electric and Hybrid Vehicles Become New Growth Engines
Driven by both energy transition and consumption upgrade, the electrification trend in Vietnam's automotive market is accelerating, with pure electric vehicles and hybrid vehicles becoming the core growth drivers: Explosive Growth in Pure Electric Vehicles: VinFast, as a leading domestic electric vehicle manufacturer, sold 27,609 vehicles in Vietnam in March, a year-on-year increase of 127%; Q1 cumulative sales reached 53,684 vehicles, leading the industry in expansion speed. Duong Thi Thu Trang, Vice President of Global Automotive Sales at VinFast, stated that against the backdrop of volatile fuel prices, the advantages of electric vehicles in terms of quality, performance, and operating costs continue to stand out, making them a new choice for consumers. Rapid Penetration of Hybrid Vehicles: Hybrid vehicles have achieved leapfrog growth thanks to their "transitional advantages," with sales reaching 3,143 vehicles in March, a surge of 248% year-on-year; Q1 cumulative sales reached 5,125 vehicles, more than doubling compared to the same period in 2025, becoming an important "bridge" vehicle in the energy transition process. III. Market Trend Analysis: Short-Term Dominance by Gasoline Vehicles, Irreversible Electrification in the Long Term
Experts analyze that the Vietnamese automotive market is currently dominated by traditional internal combustion engine vehicles, but the electrification transformation (including pure electric and hybrid) has become an irreversible long-term trend. From a market characteristic perspective, SUV adoption, electrification, and fierce brand competition will be the core driving forces in the future: In the short term, gasoline vehicles will still account for the majority of sales, but their growth rate is gradually slowing down; In the medium term, hybrid vehicles will continue to expand their market share, becoming key models in the transition from gasoline vehicles to pure electric vehicles; In the long term, with the improvement of charging infrastructure, increased policy support, and technological iteration, pure electric vehicles are expected to gradually replace gasoline vehicles.
With total market sales exceeding 160,000 units in Q1 and monthly sales exceeding 70,000 units in March, the Vietnamese automotive industry has officially bid farewell to the slump at the beginning of the year and entered a dual cycle of "strong recovery + technological transformation." Industry insiders predict that with more new energy vehicle models entering the market and continued consumer support policies, the market growth momentum will be further consolidated, and the electrification penetration rate is expected to accelerate. (The End)
