Vietnam Auto Market Dips in August Amid 'Ghost Month' Buying Hesitation

Total sales for Vietnam's automotive market, including members of the Vietnam Automobile Manufacturers Association (VAMA), importers, Hyundai, and VinFast, reached 48,484 units in August. This figure marks the second-lowest sales month of the year, surpassed only by February, which coincided with the Lunar New Year holiday. This represents a 17% decrease compared to July. Representatives from various automotive brands attributed the significant drop to consumer sentiment during the seventh lunar month, known as 'Tháng Ngâu' or the 'Ghost Month,' a period traditionally associated with avoiding major purchases of expensive assets. Some buyers who had committed to purchases reportedly postponed vehicle delivery or license plate registration during this time. Despite the monthly fluctuations in 2026, the cumulative sales for the first eight months of the year showed robust growth, with the market selling a total of 432,548 vehicles, a 26.4% increase compared to the same period in 2025. VinFast has been the most significant contributor to this growth, with its sales surging by over 71%, accounting for 154,073 units and leading the market. VinFast's growth rate is more than 2.7 times higher than the overall market growth. Sales from VAMA members and importers combined increased by 11.9%. In contrast, Hyundai's sales remained almost stagnant, with a modest increase of only 34 vehicles over the same eight-month period in 2025. VinFast exclusively sells pure electric vehicles (EVs), while VAMA members and Hyundai primarily offer gasoline, diesel, and a smaller proportion of hybrid vehicles. The overall market sales data indicates that both internal combustion engine vehicles and electrified vehicles are experiencing growth, with pure EVs serving as the primary engine for the market's expansion. Cumulatively, most car brands have seen sales growth up to August, with notable exceptions being Ford, Honda, and Peugeot, which experienced declines of 9%, 10%, and 48% respectively. Following VinFast, Mitsubishi Motors recorded one of the fastest growth rates in the market at 32%, currently ranking fourth in sales. With an average monthly sales volume of approximately 54,000 vehicles, if this pace is maintained for the remainder of 2026, the market could potentially reach over 648,800 units, setting a new record for Vietnam's automotive industry. Source: VnExpress