Forecast: New Vehicles Registrations in Vietnam

New vehicle registrations in Vietnam have shown considerable volatility over the past decade, rising from 96.69 thousand units in 2013 to 289.96 thousand units in 2023. Registrations peaked in 2019 at 277.02 thousand units, followed by a substantial drop in 2020 due to the COVID-19 pandemic. However, the market rebounded in subsequent years, with 2022 showing a strong 37.28% year-on-year increase. In 2023, the market experienced an 11.85% year-on-year growth.

Moving forward, Vietnam's new vehicle registrations are expected to grow modestly, reaching 321.48 thousand units by 2028, with a 5-year CAGR forecast of 1.64%. This indicates a gradual yet consistent growth pattern for the industry.

Future trends to watch for include the penetration of electric vehicles (EVs) as global and local policies on emissions tighten, and the potential effects of urbanization and income growth on vehicle demand.