Vietnam auto market grows fastest in ASEAN-6, EVs drive growth

PwC, one of the world's Big Four professional services networks, recently released the findings in its Overview of the ASEAN-6 Automotive Market report.

The ASEAN-6 comprises Vietnam, Indonesia, Thailand, Malaysia, the Philippines and Singapore.

Vietnam tops in growth, ranks 4th in sales

According to the report, Vietnam's 31.1 percent growth was followed by Indonesia at 15.9 percent, Thailand at 15.1 percent, Singapore at 6.9 percent and Malaysia at 2.6 percent.

The overall ASEAN-6 automobile market recovered in the first half of the year, with combined sales reaching around 1.755 million vehicles, up 11.1 percent year on year, the report said.

The Philippines was the only market in the group to record a decline, with sales falling 6.1 percent, according to the report.

Although Vietnam recorded the fastest growth, it ranked fourth among the ASEAN-6 in terms of sales volume in the first half of 2026.

Indonesia remained the largest market, with around 437,000 vehicles sold, followed by Thailand and Malaysia, which recorded approximately 385,000 units each, PwC's data showed.

Vietnam claimed fourth place with 291,000 vehicles sold, significantly up from 222,000 in the same period of 2025 and much higher than 174,000 in the first half of 2024.

PwC said the diverging growth rates among ASEAN-6 automotive markets mean automakers need to develop strategies tailored to individual countries.

Across the ASEAN-6, electrified vehicles accounted for 32 percent of the market, while Chinese automakers increased their combined market share from around 11 percent in 2025 to 15.7 percent in the first half of 2026, according to the report.

PwC said these two trends are helping reshape the Southeast Asian automobile market and will play a growing role in the region's development in the coming years.

VinFast EVs help drive growth in Vietnam's auto market

The rapid increase in EV sales by VinFast, the EV arm of Vietnam's largest private conglomerate Vingroup, was one of the key factors behind Vietnam's strong market performance, according to PwC.

VinFast delivered around 116,000 EVs in the first half of 2026, up 72 percent from a year earlier, contributing significantly to overall market growth, the report said.

Hybrid vehicles also gained traction, with their sales in Vietnam rising 83 percent year on year, while demand for imported vehicles increased 23 percent, according to PwC.

The growing popularity of EVs was also reflected in the country's best-selling models.

The Limo Green overtook the VF 3, both made by VinFast, to become Vietnam's most-purchased automobile in the first half of 2026, PwC said.

The VF 3 had previously topped the overall market in 2025.

The arrival and growing popularity of the VF 3, as well as the VF 5, also helped reshape the small SUV segment.

According to PwC, the share of A-segment SUVs in the first half of 2026 increased by 29 percentage points compared with the first half of 2024.