The surge was fueled not only by conventional vehicles but also by growing demand for electric and hybrid models.

According to VAMA, its member sales reached 38,704 units in March, up 101% month-on-month and 122% year-on-year. Passenger cars remained the largest segment with 24,858 units, followed by commercial and specialised vehicles.

Imported, completely built-up (CBU) vehicles continued to outperform domestic assembly, with 23,011 units, up 129%, reflecting strong consumer demand for foreign brands.

In the first quarter of 2026, VAMA members sold 94,857 vehicles, up 31% year-on-year. Passenger car sales rose 24%, commercial vehicles increased 48%, while special-purpose vehicles surged 68%.

However, experts note that this figure does not reflect the full market, as major players such as VinFast and Hyundai Thanh Cong are not included in VAMA statistics.

When including these manufacturers, total market sales in March reached 70,859 units, while Q1 sales rose to 162,039 units, up more than 36% year-on-year—showing a broader and stronger recovery of Vietnam’s auto industry.

VinFast electric cars. Photo by VnExpress/Tuan Vu

EVs and hybrids gain momentum

Electric vehicles continued to emerge as a new growth driver in the reviewed period. VinFast sold 27,609 EVs in March alone, up 127% year-on-year, bringing its first-quarter sales to 53,684 units.

Hybrid vehicles also recorded rapid growth, reaching 3,143 units in March, up 248% year-on-year, and 5,125 units in the first quarter — double the same period last year. Models such as the Toyota Corolla Cross Hybrid and the Suzuki XL7 Hybrid highlight rising demand for fuel-efficient vehicles.

Experts said internal combustion engine vehicles will remain dominant in the short term, but electrification—through both hybrids and EVs—is expected to accelerate and gradually reshape the market.

Overall, Vietnam’s auto market is entering a phase of strong recovery and structural shift, driven by rising demand, SUV popularity and the rapid expansion of electrified vehicles.