Key Market Indicators
Vietnam's vehicle registration is projected to hit roughly 321,000 units by 2028, up from about 290,000 units in 2023. This marks a compound annual growth rate (CAGR) of 1.6%. Since 2010, the Vietnamese market has seen an annual increase of 3.3%. In 2023, Vietnam ranked 47th in vehicle registration, with Kazakhstan just ahead at approximately 290,000 units. Topping the list were Canada, China, and Austria, securing the second, third, and fourth positions respectively. On the production front, Vietnam's vehicle output is expected to reach nearly 405,000 units by 2028, up from approximately 322,000 units in 2023. This translates to an average annual growth rate of 3.6%. Since 2005, the country's vehicle supply has surged by 6.3% annually. In 2023, Vietnam held the 28th spot in vehicle production, just behind Portugal, which also produced around 322,000 units. Leading the global production rankings were the United States, Japan, and Germany, occupying the second, third, and fourth positions respectively.