Vietnam auto market sees growth as Japanese brands dominate ICE sales

The Vietnamese automotive market showed growth in July, with total vehicle consumption reaching 59,031 units, an 11.79% increase from June. Within the internal combustion engine (ICE) segment, sales reached 37,250 units, maintaining a significant market share despite rising competition from electric vehicles.

In the ICE rankings, the Toyota Yaris Cross reclaimed the top spot, overtaking the Toyota Innova Cross, which fell to fifth place. Notably, the top 10 best-selling ICE vehicles were comprised entirely of Japanese and American brands, with no South Korean models appearing in the list for July.

In the Multi-Purpose Vehicle (MPV) segment, competition is intensifying due to aggressive pricing strategies. The MG G50 has introduced a new price benchmark, with promotional offers potentially bringing the cost down to approximately 395 million VND. This shift targets young families and service-oriented buyers, exerting pressure on established competitors in the 7-seater and 8-seater categories.