Vietnam October 2024: Toyota (+116.2%), Mitsubishi (+79.1%) outpace soaring market (+41.3%)

The Toyota Yaris Cross ranks #6 in Vietnam in October.

According to local association VAMA, the Vietnamese new vehicle market soars 52.8% year-on-year in October to 38,761, leading to a year-to-date tally up 12.3% to 264,346. These figures climb to 46,400 (+41.3%) and 312,892 (+10.2%) when adding Hyundai which reports separately from VAMA. The reason behind this market surge is the adoption by the government of a 50% reduction of the ownership tax. Also keep in mind October 2023 was off -26.6% on the year prior so the comparison set is low.

Toyota (+116.2%) vastly outpaces the surging market to 18.8% share vs. 15.7% year-to-date, overtaking Hyundai (+2.4%) in the year-to-date order to snap the pole position. Thaco-Kia (+14.7%) underperforms at #3 ahead of soaring Ford (+65%) and Mitsubishi (+79.1%) Honda (+67.9%) and Isuzu (+53.9%) also shine.

Model-wise, the Mitsubishi Xpander (+66.9%) scores a 6th win this year with 4.6% share, distancing the Mazda CX-5 (-8.5%) like last month. The Ford Ranger (+27.5%) is up three spots on last month, passin the Toyota Vios (+20.1%) to climb on the third step of the podium. The Honda City (+122.4%) and Toyota Yaris Cross (+542.6%) skyrocket below while the new Mitsubishi Xforce slowly recedes to #7 (-3 on September) as the launch honeymoon period gradually ends. The Toyota Corolla Cross (+342.3%) and Ford Everest (+69.9%) also stand out in the remainder of the Top 10.

Previous month: Vietnam September 2024: Mitsubishi Xpander reclaims lead in surging market (+37.5%)

One year ago: Vietnam October 2023: Hyundai and Mazda CX-5 on top, sales sink -26.6%

Full October 2024 Top 16 All manufacturers and Top 65 All models below.