Vietnam’s car market saw a 48% decline in February sales, affecting Hyundai, Toyota and VinFast. Explore the causes and future outlook. Read more now!
Overall Market Decline
The Vietnam Automobile Manufacturers Association (VAMA) disclosed that total vehicle deliveries in February 2026 dropped to 19,278 units, a staggering 48% decline from the January figure.
Among the nearly 19,300 vehicles from VAMA‑member brands, passenger cars fell to 12,376 units – a 53% dip versus the previous month. Locally assembled cars numbered 9,220 (down 49%), while imports slipped 47% to 10,058 units.
Brand‑by‑Brand Performance
Hyundai’s local partner, TC Motor, recorded 2,253 units in February, roughly a 54% fall from the 4,859 units sold in January.
Leading gasoline models such as the Mazda CX‑5 still topped the list with 1,008 deliveries, but even it saw sales cut by more than half compared with the prior period. Other popular models – Ford Ranger (809), Ford Everest (747), Ford Territory (730), Hyundai Creta (645), Toyota Yaris Cross (638), Toyota Vios (615) and Hyundai Tucson (614) – all experienced similar drops.
Seasonal Factors Behind the Slump
The early‑year slowdown is a recurring pattern in Vietnam. February usually overlaps with the Lunar New Year holiday, which can extend up to two weeks and disrupt both buyer decisions and dealership paperwork.
For instance, February 2024 marked the lowest sales point of the year, with only 11,633 vehicles sold during the Tet break. The same trend appeared in 2023 and 2025, where the market only began to recover from March onward.
Dealers typically roll out fresh incentives after the holiday to clear inventory, but the overall dip in February 2026 was largely anticipated rather than anomalous.
Bright Spots: Toyota Hilux and VinFast
Amid the gloom, a few models bucked the trend. Toyota’s Hilux pickup surged to 871 units – a staggering 580% increase month‑over‑month – reclaiming the top spot in the pickup segment from Ford Ranger.
Other Toyota models showing modest gains included Corolla Cross (379 units) and Camry (53 units). Mitsubishi’s Pajero Sport delivered 81 units after a quiet start to the year, and Ford’s Mustang Mach‑E logged its first delivery in February.
The standout performer remained home‑grown electric‑vehicle maker VinFast. Despite the Tet holiday, the company handed over 9,903 EVs to Vietnamese customers. The VF 3 led the MPV segment with 2,274 units, followed by the Limo Green (1,808), VF MPV 7 (1,165), VF 5 (1,601), VF 6 (1,042) and VF 7 (807). VinFast’s advantage stems from a government‑backed exemption on registration fees for electric cars and free charging at its V‑GREEN public stations.
Looking Ahead
While February’s near‑50% plunge is dramatic, it aligns with historical seasonal patterns. Analysts expect a gradual rebound from March as new models launch and promotional campaigns gain momentum.
Watch for continued growth in the electric‑vehicle segment, especially as policy support strengthens and consumer awareness rises.