The number of vehicles in use in Vietnam has steadily increased from 1.95 million units in 2013 to 2.83 million units in 2023, with a notable decline in 2020 due to a 14.25% year-on-year drop likely caused by the pandemic. Recovery post-2020 has been strong, with an 18.05% increase in 2021 and an 8.4% increase in 2022. The Compound Annual Growth Rate (CAGR) over the last five years stands at 3.15%, indicating moderate growth.
Future trends:
- The forecast suggests a continuous increase, reaching 3.23 million units by 2028 with a forecasted 5-year CAGR of 2.14%.
- Monitoring economic conditions, infrastructure developments, and government policies will be crucial for future growth projections.