Hanoi (VNA) – Vietnam’s automobile market grew by 31.1% in the first half of 2026, the fastest rate among the ASEAN-6 countries, driven partly by rising electric vehicle (EV) sales, particularly those of domestic manufacturer VinFast.

The trend is reshaping the market’s product mix and creating fresh momentum for growth.

According to PwC’s sixth Overview of the ASEAN-6 Automotive Market report, the six Southeast Asian markets of Vietnam, Indonesia, Thailand, Malaysia, the Philippines and Singapore sold about 1.76 million vehicles in the period, up 11.1% year-on-year.

Vietnam recorded sales of around 291,000 vehicles, up 31.1% year-on-year, nearly double the growth rates of Indonesia (15.9%) and Thailand (15.1%). Singapore grew 6.9% and Malaysia 2.6%, while the Philippines saw a 6.1% decline.

Vietnam ranked fourth among the six markets in sales volume, behind Indonesia, Thailand and Malaysia. Its strong growth, however, highlighted significant shifts in consumer demand and vehicle preferences. Sales rose by nearly 69,000 units from around 222,000 in the first half of 2025, accounting for nearly 40% of the ASEAN-6 market’s total sales increase.

VinFast was a major contributor to this performance, selling approximately 116,000 electric cars in the first six months of 2026, up 72% year-on-year. Hybrid vehicles also gained ground, with sales rising 83%, while demand for imported vehicles increased 23%, according to PwC.

The expansion of EVs is also changing the rankings of best-selling models and the market’s product structure. PwC reported that VinFast’s Limo Green overtook the VF 3 to become Vietnam’s best-selling car in the first half. The VF 3 topped the overall market in 2025.

Models such as the VF 3 and VF 5 have also helped boost the small SUV segment, with the A-segment SUV market gaining 29 percentage points compared with the first half of 2024.

Across ASEAN-6, electrified vehicles, including electric and hybrid models, accounted for around 32% of total vehicle sales during the period. Vietnam alone recorded more than 127,000 electric and hybrid passenger cars, underscoring the growing importance of electrification in the mainstream market.

Mohammad Mudasser from PwC Vietnam said Vietnam’s market is not only expanding rapidly but also entering a more mature phase. VinFast’s rising sales highlight the growing role of domestic EV manufacturers in Vietnam’s automobile market. Sustaining this momentum, however, will require further improvements in infrastructure, running costs and after-sales services to ensure long-term, sustainable growth./.