Vietnam Automobile Market (2026-2032) | Analysis, Value, Competitive Landscape, Growth, Trends, Share, Industry, Outlook, Forecast, Companies, Segmentation, Size & Revenue
Market Forecast By Vehicle Type (Passenger Cars, Commercial Vehicles, Two-wheelers, Three-wheelers), By Propulsion (Internal Combustion Engine, Electric Vehicles), By Type (New Vehicles, Used Vehicles) And Competitive Landscape
| Product Code: ETC10068051 | Publication Date: Sep 2024 | Updated Date: Feb 2026 | Product Type: Market Research Report | |
| Publisher: 6Wresearch | Author: Sumit Sagar | No. of Pages: 75 | No. of Figures: 35 | No. of Tables: 20 |
Vietnam Automobile Market Growth Rate
According to 6Wresearch internal database and industry insights, the Vietnam Automobile Market is projected to grow at a compound annual growth rate (CAGR) of 7.8% during the forecast period from 2026 to 2032.
Five-Year Growth Trajectory of the Vietnam Automobile Market with Core Drivers
Below mentioned are the evaluation of year wise growth rate along with key drivers:
|
Year |
Est. Annual Growth (%) |
Growth Drivers |
|
2021 |
4.6% |
Increasing disposable income and increasing rate of vehicle ownership. |
|
2022 |
5.2% |
Subsidies from the government for registering and taxing locally manufactured vehicles will be offered to consumers. |
|
2023 |
5.6% |
Increased consumer demand for passenger vehicles and expanding dealership networks. |
|
2024 |
6.4% |
Continued production from local manufacturers and the addition of new models by foreign and domestic manufacturers. |
|
2025 |
7% |
Strong momentum towards electrification, strong growth of domestic EVs, and pro-EV policies. |
Topics Covered in the Vietnam Automobile Market Report
The Vietnam Automobile Market report thoroughly covers the market by vehicle type, propulsion, and new classification. It provides an unbiased and detailed analysis of ongoing market trends, opportunities, challenges, and market drivers, helping stakeholders align their strategies with current and future market dynamics.
Vietnam Automobile Market Highlights
| Report Name | Vietnam Automobile Market |
| Forecast Period | 2026–2032 |
| CAGR | 7.8% |
| Growing Sector | Automotive & Mobility |
Vietnam Automobile Market Synopsis
Vietnam Automobile Market is expected to witness robust growth driven by increasing domestic demand for passenger and commercial vehicles, growth of the middle class, and policy support by the government like reductions in vehicle registration fees and providing tax incentives for electric vehicles. The expanding presence of both multinational and domestic OEMs, with models catering to diverse segments from compact city cars to SUVs and electric two wheelers and three wheelers, is fueling market expansion. Additionally, the production capacity in Vietnam has increased significantly due to growth in local manufacturing capabilities and partnerships to help companies build vehicles locally, which improve the efficiency of manufacturing and meet the demand of the consumers.
Evaluation of Growth Drivers in the Vietnam Automobile Market
Below mentioned are some prominent drivers and their impact on the Vietnam Automobile Market dynamics:
| Drivers | Primary Segment Affected | Why It Matters |
| Government Incentives & Policy Support | All Segments | Policies such as registration fee waivers for EVs and reduced fees for domestically assembled cars boost vehicle affordability and sales. |
| Rising Consumer Income | Passenger Cars & Two‑Wheelers | Growing disposable incomes increase vehicle ownership potential across urban and emerging regions. |
| Electrification Momentum | EV Propulsion Segment | Incentives and infrastructure development speed up EV adoption and create demand for battery electric vehicles and hybrids. |
| Local Manufacturing Expansion | All Segments | Foreign joint ventures and local assembly plants improve supply, reduce costs, and support technology transfer. |
| Urbanization & Mobility Trends | Passenger Cars & Two‑Wheelers | The demand for compact, efficient, and tech-enabled vehicles in urban areas drives sales growth |
Vietnam Automobile Market is projected to grow at a CAGR of 7.8% from 2026 to 2032. Major growth factors include rising consumer demand, supportive government policies, and the fast adoption of electric vehicles and hybrid technology. Demand for passenger cars, commercial vehicles, two-wheelers, and three-wheelers is increasing as Vietnam middle class expands and mobility preferences change. The rise in local production, the growth of dealership networks, and better vehicle financing options are also helping the Vietnam Automobile Market growth.
Evaluation of Restraints in the Vietnam Automobile Market
Below mentioned are some major restraints and their influence on the Vietnam Automobile Market dynamics:
| Restraints | Primary Segment Affected | What This Means |
| Limited Charging Infrastructure | EV Propulsion | Insufficient EV charging networks slow down broader EV adoption, especially outside major cities. |
| Supply Chain Dependence | All Segments | High reliance on imported components for assembly increases cost and exposes the market to global supply disruptions. |
| Price Sensitivity | Passenger Cars | Vehicle affordability remains a challenge for many potential first‑time buyers given Vietnam’s still moderate per‑capita income. |
| Regulatory & Compliance Complexity | Imports & Local Production | Differences in vehicle safety and emissions standards can delay the launches of the product and increase compliance costs. |
Vietnam Automobile Market Challenges
The Vietnam Automobile Industry faces several challenges like a lack of EV charging stations, reliance on imported auto components, and price sensitivity among which can make vehicles less affordable. Furthermore, regulatory compliance complexity for both local and imported vehicles presents hurdles. Despite these obstacles, supportive policies, rising incomes, and improvements in technology are expected to sustain the growth of the market. The growing preference for sustainable mobility options and more financing choices continue to attract new customers.
Emerging Trends in the Vietnam Automobile Market
Trends driving the Vietnam Automobile Market include:
- Shift towards Electrification: The growth in the sale of Electric Vehicle will be fueled by government incentives.
- Dominance of Two Wheeler EV: The two-wheelers are the most popular alternatives powered vehicles market as they are affordable and highly popular in urban areas.
- Local Production Boost: Growing investment by both domestic and foreign automakers in assembly plants enhance localization and reduces the production costs.
- SUV and Compact Vehicle Popularity: The rising demand for SUVs and fuel efficient compact cars among urban consumers.
- Export Oriented Strategies: Vietnam automotive firms are expanding into international markets to diversify revenue and increase production.
Investment Opportunities in the Vietnam Automobile Market
Key investment opportunities in the Vietnam Automobile market are:
- EV Charging Infrastructure: Investing in extensive charging networks will support electrification and ease range anxiety.
- Localized Parts Manufacturing: Setting up automotive component manufacturing facilities will decrease reliance on imports and capture value in the supply chain.
- Fleet Electrification Solutions: Creating solutions for electrifying logistics and public transport will take advantage of government mandates.
- Mobility Tech Integration: Investing in connected vehicle technologies, telematics, and AI enabled automotive systems.
Top 5 Leading Players in the Vietnam Automobile Market
Below is the list of prominent companies leading in the Vietnam Automobile Market:
1. VinFast Auto Ltd.
| Company Name | VinFast Auto Ltd. |
|---|---|
| Established Year | 2017 |
| Headquarters | Hai Phong, Vietnam |
| Official Website | Click Here |
VinFast is a Vietnamese electric vehicle manufacturer dominating the domestic EV segment with a range of electric passenger cars and two wheelers and driving the nation’s transition toward electrification.
2. Truong Hai Auto Corporation (THACO)
| Company Name | Truong Hai Auto Corporation (THACO) |
|---|---|
| Established Year | 1997 |
| Headquarters | Quang Nam, Vietnam |
| Official Website | Click Here |
THACO leads overall vehicle sales in Vietnam, assembling multiple global brands and serving passenger, commercial, and truck segments with a broad portfolio.
3. Hyundai Thanh Cong Vietnam
| Company Name | Hyundai Thanh Cong Vietnam |
|---|---|
| Established Year | 2020 |
| Headquarters | Hanoi, Vietnam |
| Official Website | - |
Hyundai Thanh Cong represents Hyundai presence in Vietnam, offering a wide range of passenger cars that contribute significantly to new vehicle sales.
4. Toyota Motor Vietnam
| Company Name | Toyota Motor Vietnam |
|---|---|
| Established Year | 1995 |
| Headquarters | Ho Chi Minh City, Vietnam |
| Official Website | Click Here |
Toyota remains a major player in the Vietnamese automobile market with strong demand for reliable passenger cars, hybrids, and family vehicles.
5. Ford Vietnam
| Company Name | Ford Vietnam |
|---|---|
| Established Year | 1995 |
| Headquarters | Hanoi, Vietnam |
| Official Website | Click Here |
Ford Vietnam competes in both passenger and commercial vehicle segments with popular SUVs, pick ups and fleet vehicles on offer.
Government Regulations Introduced in the Vietnam Automobile Market
According to Vietnam government and industry data, policies like registration fee reductions for domestically manufactured vehicles, complete waivers for electric vehicle registration fees, and tax incentives have been introduced to uplift the automotive market. These initiatives reduce the initial cost of vehicles and driving the demand of the consumer. Through support for EV infrastructure development, localization mandates, and incentives for electric and hybrid vehicles, the government is positioning Vietnam as a key automotive hub within the ASEAN region.
Future Insights of the Vietnam Automobile Market
The Vietnam Automobile Market Share is anticipated to have significant growth in the upcoming years due to rising demand of the consumer, expanded local production facilities, and continual momentum of electrification. With favorable policies and increasing investment in EV technology and manufacturing infrastructure, Vietnam is projected to evolve as a major automotive market in Southeast Asia. Passenger vehicle sales are forecast to continue rising alongside a growing fleet of electric and hybrid vehicles. Additionally, growth in two wheeler electrification, fleet electrification for commercial operations, and improvements in after sales ecosystems will also be key contributors to the market future prospects.
Market Segmentation Analysis
The report offers a comprehensive study of the following market segments and their leading categories:
By Vehicle Type –Passenger Cars to dominate the market
According to Ekta, Senior Research Analyst, 6Wresearch, Passenger Cars dominate the Vietnam Automobile Market due to growing middle class aspirations, expanding urban mobility needs, and a greater supply of diversified models from both domestic and international manufacturers.
By Propulsion – Internal Combustion Engine (ICE) to dominate the market
Internal Combustion Engine vehicles holds the the highest share of overall sales of the vehicles due to widespread availability of fuel and lower initial costs.
By Type – New Vehicles to dominate the market
Consumers increasingly prefer the latest models equipped with modern features, better safety standards, and warranty support. The growing availability of financing options and promotions also boost the sales of new vehicle.
Key Attractiveness of the Report
- 10 Years of Market Numbers
- Historical Data Starting from 2022 to 2025
- Base Year: 2025
- Forecast Data until 2032
- Key Performance Indicators Impacting the Market
- Major Upcoming Developments and Projects
Key Highlights of the Report:
- Vietnam Automobile Market Outlook
- Market Size of Vietnam Automobile Market, 2025
- Forecast of Vietnam Automobile Market, 2032
- Historical Data and Forecast of Vietnam Automobile Revenues & Volume for the Period 2022- 2032
- Vietnam Automobile Market Trend Evolution
- Vietnam Automobile Market Drivers and Challenges
- Vietnam Automobile Price Trends
- Vietnam Automobile Porter's Five Forces
- Vietnam Automobile Industry Life Cycle
- Historical Data and Forecast of Vietnam Automobile Market Revenues & Volume By Vehicle Type for the Period 2022- 2032
- Historical Data and Forecast of Vietnam Automobile Market Revenues & Volume By Passenger Cars for the Period 2022- 2032
- Historical Data and Forecast of Vietnam Automobile Market Revenues & Volume By Commercial Vehicles for the Period 2022- 2032
- Historical Data and Forecast of Vietnam Automobile Market Revenues & Volume By Two-wheelers for the Period 2022- 2032
- Historical Data and Forecast of Vietnam Automobile Market Revenues & Volume By Three-wheelers for the Period 2022- 2032
- Historical Data and Forecast of Vietnam Automobile Market Revenues & Volume By Propulsion for the Period 2022- 2032
- Historical Data and Forecast of Vietnam Automobile Market Revenues & Volume By Internal Combustion Engine for the Period 2022- 2032
- Historical Data and Forecast of Vietnam Automobile Market Revenues & Volume By Electric Vehicles for the Period 2022- 2032
- Historical Data and Forecast of Vietnam Automobile Market Revenues & Volume By Type for the Period 2022- 2032
- Historical Data and Forecast of Vietnam Automobile Market Revenues & Volume By New Vehicles for the Period 2022- 2032
- Historical Data and Forecast of Vietnam Automobile Market Revenues & Volume By Used Vehicles for the Period 2022- 2032
- Vietnam Automobile Import Export Trade Statistics
- Market Opportunity Assessment By Vehicle Type
- Market Opportunity Assessment By Propulsion
- Market Opportunity Assessment By Type
- Vietnam Automobile Top Companies Market Share
- Vietnam Automobile Competitive Benchmarking By Technical and Operational Parameters
- Vietnam Automobile Company Profiles
- Vietnam Automobile Key Strategic Recommendations
Market Covered
The report offers a comprehensive study of the following Vietnam Automobile Market segments:
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Two Wheelers
- Three Wheelers
By Propulsion
- Internal Combustion Engine
- Electric Vehicles
By Type
- New Vehicles
- Used Vehicles
Vietnam Automobile Market (2026-2032) : FAQS
Vietnam Automobile Market is expected to grow at a compound annual growth rate of 7.8% during the forecast period of 2026 to 2032.
Some main factors are government incentives, rising consumer incomes, and rapid adoption of electric and hybrid technologies.
Some major trends are rapid electrification, rise of compact SUVs, and growth in two wheeler EV adoption.
Government incentives such as registration fee reductions and tax waivers for EVs stimulate vehicle demand and accelerate electrification.
6Wresearch actively monitors the Vietnam Automobile Market and publishes its comprehensive annual report, highlighting emerging trends, growth drivers, revenue analysis, and forecast outlook. Our insights help businesses to make data-backed strategic decisions with ongoing market dynamics. Our analysts track relevent industries related to the Vietnam Automobile Market, allowing our clients with actionable intelligence and reliable forecasts tailored to emerging regional needs.
Yes, we provide customisation as per your requirements. To learn more, feel free to contact us on sales@6wresearch.com
| 1 Executive Summary |
| 2 Introduction |
| 2.1 Key Highlights of the Report |
| 2.2 Report Description |
| 2.3 Market Scope & Segmentation |
| 2.4 Research Methodology |
| 2.5 Assumptions |
| 3 Vietnam Automobile Market Overview |
| 3.1 Vietnam Country Macro Economic Indicators |
| 3.2 Vietnam Automobile Market Revenues & Volume, 2022 & 2032F |
| 3.3 Vietnam Automobile Market - Industry Life Cycle |
| 3.4 Vietnam Automobile Market - Porter's Five Forces |
| 3.5 Vietnam Automobile Market Revenues & Volume Share, By Vehicle Type, 2022 & 2032F |
| 3.6 Vietnam Automobile Market Revenues & Volume Share, By Propulsion, 2022 & 2032F |
| 3.7 Vietnam Automobile Market Revenues & Volume Share, By Type, 2022 & 2032F |
| 4 Vietnam Automobile Market Dynamics |
| 4.1 Impact Analysis |
| 4.2 Market Drivers |
| 4.2.1 Growing disposable income of the middle class in Vietnam leading to increased purchasing power for automobiles. |
| 4.2.2 Expansion of road infrastructure and urbanization, driving the demand for vehicles. |
| 4.2.3 Government initiatives and policies supporting the automotive industry growth in Vietnam. |
| 4.3 Market Restraints |
| 4.3.1 Volatility in raw material prices impacting production costs for automobile manufacturers. |
| 4.3.2 Increasing competition among domestic and international automotive companies. |
| 4.3.3 Environmental concerns leading to stricter regulations on emissions and fuel efficiency standards. |
| 5 Vietnam Automobile Market Trends |
| 6 Vietnam Automobile Market, By Types |
| 6.1 Vietnam Automobile Market, By Vehicle Type |
| 6.1.1 Overview and Analysis |
| 6.1.2 Vietnam Automobile Market Revenues & Volume, By Vehicle Type, 2022- 2032F |
| 6.1.3 Vietnam Automobile Market Revenues & Volume, By Passenger Cars, 2022- 2032F |
| 6.1.4 Vietnam Automobile Market Revenues & Volume, By Commercial Vehicles, 2022- 2032F |
| 6.1.5 Vietnam Automobile Market Revenues & Volume, By Two-wheelers, 2022- 2032F |
| 6.1.6 Vietnam Automobile Market Revenues & Volume, By Three-wheelers, 2022- 2032F |
| 6.2 Vietnam Automobile Market, By Propulsion |
| 6.2.1 Overview and Analysis |
| 6.2.2 Vietnam Automobile Market Revenues & Volume, By Internal Combustion Engine, 2022- 2032F |
| 6.2.3 Vietnam Automobile Market Revenues & Volume, By Electric Vehicles, 2022- 2032F |
| 6.3 Vietnam Automobile Market, By Type |
| 6.3.1 Overview and Analysis |
| 6.3.2 Vietnam Automobile Market Revenues & Volume, By New Vehicles, 2022- 2032F |
| 6.3.3 Vietnam Automobile Market Revenues & Volume, By Used Vehicles, 2022- 2032F |
| 7 Vietnam Automobile Market Import-Export Trade Statistics |
| 7.1 Vietnam Automobile Market Export to Major Countries |
| 7.2 Vietnam Automobile Market Imports from Major Countries |
| 8 Vietnam Automobile Market Key Performance Indicators |
| 8.1 Average age of vehicles on the road in Vietnam. |
| 8.2 Number of new car registrations annually. |
| 8.3 Adoption rate of electric vehicles in the Vietnamese market. |
| 9 Vietnam Automobile Market - Opportunity Assessment |
| 9.1 Vietnam Automobile Market Opportunity Assessment, By Vehicle Type, 2022 & 2032F |
| 9.2 Vietnam Automobile Market Opportunity Assessment, By Propulsion, 2022 & 2032F |
| 9.3 Vietnam Automobile Market Opportunity Assessment, By Type, 2022 & 2032F |
| 10 Vietnam Automobile Market - Competitive Landscape |
| 10.1 Vietnam Automobile Market Revenue Share, By Companies, 2025 |
| 10.2 Vietnam Automobile Market Competitive Benchmarking, By Operating and Technical Parameters |
| 11 Company Profiles |
| 12 Recommendations |
| 13 Disclaimer |
Export potential assessment - trade Analytics for 2030
Export potential enables firms to identify high-growth global markets with greater confidence by combining advanced trade intelligence with a structured quantitative methodology. The framework analyzes emerging demand trends and country-level import patterns while integrating macroeconomic and trade datasets such as GDP and population forecasts, bilateral import–export flows, tariff structures, elasticity differentials between developed and developing economies, geographic distance, and import demand projections. Using weighted trade values from 2020–2024 as the base period to project country-to-country export potential for 2030, these inputs are operationalized through calculated drivers such as gravity model parameters, tariff impact factors, and projected GDP per-capita growth. Through an analysis of hidden potentials, demand hotspots, and market conditions that are most favorable to success, this method enables firms to focus on target countries, maximize returns, and global expansion with data, backed by accuracy.
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