Market share of major automobile manufacturers Vietnam 2023

Based on sales volume in 2023, Thaco Group was the leading automobile manufacturer in Vietnam. Thaco Group held a 34.6 percent share of the market that year, followed by Toyota with a 20.8 percent share of the market.

Vietnam’s automobile market

Despite having a modest car ownership rate, Vietnamese consumers are highly interested in buying a car. Owning a car is regarded as a major investment, almost as desirable as owning a house in Vietnam. Vietnamese consumers' interest in these vehicles comes from the demand for a safer, more convenient, and comfortable transportation mode, as well as the generally positive perceptions associated with car owners among Vietnamese people. The rising middle-class population and improving living standards have led to an increasing demand for cars in Vietnam, especially in big cities. As a result, the number of cars per 1,000 people in the country is expected to witness a consistent increase in the coming years.

Truong Hai Auto Corporation – Thaco Group

Founded in 1997, Thaco Group is one of the pioneers of the Vietnamese automobile industry. Through its various partnerships, Thaco has the right to produce and distribute a wide range of car models from other internationally well-known brands, including Kia, Mazda, Peugeot, BMW, and MINI. Thanks to its diverse portfolio, Thaco has surpassed the Japanese automobile giant Toyota as the leading car manufacturer in Vietnam in recent years.