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Top 9 largest car companies in Vietnam (2022 update)

Top 9 largest car companies in Vietnam (2022 update)

Thursday 19, 05 2022
In 2021, sales of automobile businesses in Vietnam were heavily affected due to the difficulties caused by the Covid-19 epidemic. The list of the largest automobile companies in Vietnam is, therefore, experiencing huge changes compared to previous years.

1. HONDA VIETNAM COMPANY LTD

Established in 1996, Honda Vietnam is a joint venture between Honda Motor Company (Japan), Asian Honda Motor Company (Thailand), Engine and Vietnam Agricultural Machinery Corporation Vietnam. After more than 20 years of presence in Vietnam, Honda Vietnam has continuously developed and become one of the leading companies in the field of manufacturing motorcycles and automobiles in the Vietnamese market.

In March 2005, Honda Vietnam officially received the license from the Ministry of Planning and Investment to manufacture and assemble automobiles in Vietnam - marking an important historical milestone in the development of the company.

Starting its auto business in 2006, after just over a year, Honda Vietnam successfully built a factory, dealer network, sales, service, and safe driving training programs for customers and agents, and launched the first model, Honda Civic in August 2006. Up to now, Honda Vietnam has provided the Vietnamese car market with 3 models of cars to serve the diverse needs of customers: sedans (large, medium and small), SUVs and MPV.

In 2021, Honda Vietnam experienced a strong recovery in sales after a long time of being affected by the Covid-19 epidemic.

For the auto business, December 2021 saw a record monthly sales of 4,292 vehicles, up 115.7% over the previous month and up 3.6% over the same period in 2020.

Honda Vietnam

Honda Vietnam's total car sales in 2021 reached 21,698 vehicles, down 11.1% over the previous year, in which, Honda City was the best-selling car model in 2021 with 9,745 cars sold, up 74.4% compared to the previous year and accounted for 44.9% of total car sales of Honda in 2021.

2. TRUONG HAI GROUP CORPORATION

Truong Hai Group Corporation was established on April 29, 1997. Its head office is located at 19 2A Street, Bien Hoa 2 Industrial Park, Dong Nai Province. The founder is Mr. Tran Ba Duong, currently the Chairman of THACO's Board of Directors.

In 2007, Truong Hai Automobile Company Limited was transformed into Truong Hai Automobile Joint Stock Company (THACO). Currently, THACO has 3 offices located in Ho Chi Minh City, Hanoi and Chu Lai (Quang Nam). Chu Lai - Truong Hai automobile production and assembly complex (Quang Nam) was established in 2003 on an area of nearly 600 hectares, including 25 companies and factories.

Thaco's main business is currently manufacturing - assembling - distributing, providing maintenance and repair services and auto parts. Its distribution system includes 93 showrooms and 59 agents spreading across the country. As of mid-2016, the total number of employees of the company had reached nearly 16,000 people.

Currently, Thaco is the only company in Vietnam that manufactures and assembles fully 3 lines of vehicles: passenger cars, trucks and buses with a localization rate of 16% - 50%. In 2014 and 2015, Thaco was ranked first in the ranking of the Vietnam Automobile Manufacturers Association (VAMA). 

In 2021, THACO's total consolidated revenue reached more than VND 60,724 billion, of which exports reached USD 215 million. The revenue plan in 2022 is VND 100,230 billion, an increase of 40% compared to the implementation in 2021.

Truong Hai Group Corporation

3. TOYOTA MOTOR VIETNAM CO.,LTD

Toyota Motor Vietnam (TMV) was established in September 1995. It is a joint venture with the initial investment capital of USD 89.6 million from Toyota Corporation of Japan (70%), Vietnam Engine and Agricultural Machinery Corporation – VEAM (20%) and KUO Singapore Co., Ltd (10%).

Since its establishment, TMV has continuously grown not only in terms of production scale, but also in sales. Currently, TMV always holds the leading position in the Vietnamese automobile market with the company's factory output reaching over 30,000 vehicles per year (in 2 shifts). From 11 employees, up to now, the number of employees of the company has increased to more than 1,900 people.

Despite facing challenges caused by the Covid-19 epidemic, Toyota Vietnam still strived to maintain production and business activities and achieve certain achievements.

Toyota Motor Vietnam

In 2021, Toyota Vietnam manufactured 30,330 vehicles. Its sales reached 69,002 vehicles (including Lexus cars), leading the passenger car market in the same period. Toyota still ensured the export of components and spare parts with revenue of USD 70.8 million, up 38% compared to 2020.

4. FORD VIET NAM LIMITED

Founded in 1995, Ford Vietnam is a joint venture between Ford Motor Corporation based in Michigan, USA (75%) and Song Cong Diesel Company (25%) with a total investment capital of more than USD 126 million. Ford Vietnam was the first US company to invest in Vietnam since the two countries normalized diplomatic relations.

Ford's operations in Vietnam include car assembly, marketing, sales and customer service. Besides two representative offices in Hanoi and Ho Chi Minh City, Ford operates an assembly plant located in Hai Duong (55km from Hanoi) with a capacity of 14,000 vehicles a year.

Ford Vietnam currently employs about 700 employees. Along with that is more than 5,000 employees at the system of authorized dealers and service centers nationwide.

Toyota Motor Vietnam

In 2021, Ford achieved sales of 23,708 vehicles, leading in the pickup segment with about 60% market share and 40% market share in the midsize SUV segment in Vietnam.

5. HYUNDAI THANHCONG VIET NAM JOINT STOCK COMPANY

Huyndai Thanh Cong Vietnam JSC (TC MOTOR), formerly known as Thanh Cong Mechanical Co., Ltd., was established in 1999. As a 100% domestic owned enterprise, TC MOTOR has relied on internal resources to expand.

Over 20 years of development, TC MOTOR has accompanied and contributed an important part in the development of Vietnam's automobile industry, especially in the field of manufacturing.

Huyndai Thanh Cong Vietnam

With sales recording a breakthrough in December 2021, the total sales of Hyundai cars of Thanh Cong Group in 2021 reached 70,518 vehicles. However, its sales in 2021 still recorded a decrease of 13.3% compared to 2020.

6. MITSUBISHI MOTORS VIETNAM CO., LTD.

Mitsubishi Motors Vietnam Co., Ltd. was established in 1994 as the official distributor of Mitsubishi Motors Japan in Vietnam. It is one of the first joint-venture companies to produce and distribute automobiles in Vietnam.

With 25 years of experience in the automotive market, Mitsubishi Motors Vietnam is always committed to the values and aspirations of the company to customers.

Currently, Mitsubishi Motors Vietnam is distributing 6 models in Vietnam:

Mitsubishi Motors

• 5-seater car: Attrage

• 7-seat car: Xpander, Xpander Cross, Outlander, Pajero Sport

• Pickup truck: Triton

7. VINFAST BUSINESS AND MANUFACTURING COMPANY LIMITED

VinFast is a Vietnamese manufacturer of electric cars and motorbikes established in 2017, headquartered in Hai Phong city. This company is a member of Vingroup, founded by Mr. Pham Nhat Vuong.

Vinfast factory covers an area of 335 hectares with a total investment of USD 3.5 billion and is one of the largest industrial projects in Vietnam.

At the beginning of 2022, Vinfast announced that this company will stop producing gasoline cars and will officially become a 100% electric car company by the end of 2022.

This is a turning point, making VinFast one of the first petrol car companies in the world to switch to pure electric, affirming its pioneering mark and strongly promoting the global electric vehicle revolution.

In the first half of 2021, Vinfast recorded a loss of VND 11.3 trillion (USD 491.3 million), nearly double the same period last year – VND 6.6 trillion (USD 287 million).

VinFas

Although it is a "symbol" of Vietnamese cars, in fact, VinFast is still a newbie in the automotive industry with only 4 years of operation and more than 2 years of selling cars. Therefore, the profitability of the company remains a challenge. Last year, this domestic car manufacturer sold about 30,000 vehicles, a volume enough to capture 10 percent of the local market but a long way from its annual goal of selling 250,000 vehicles.

8. MERCEDES-BENZ VIETNAM COMPANY LIMITED

Mercedes-Benz Vietnam Co., Ltd (MBV) was established in 1995. As a pioneer from Germany to invest in manufacturing and trading automobiles in Vietnam, Mercedes-Benz Vietnam (MBV) has strongly contributed to the growth of the market and has become a key player in Vietnam auto industry.

Mercedes-Benz

In 2020, the three-pointed star brand saw record sales: nearly 7,000 vehicles sold and more than 70,000 services. MBV continues to lead the luxury car segment with 4 key models including C-Class, E-Class, S-Class, and GLC.

9. VIETNAM SUZUKI CORPORATION

In 1996, Suzuki officially set foot in Vietnam with the goal of becoming one of the leading car manufacturers in this potential market. Suzuki constantly strives and accepts all challenges in improving technology as well as creating designs to serve Vietnamese consumers with the highest quality motorcycle products.

With unremitting efforts, Suzuki brand cars have built a reputation with outstanding features such as genuineness from Japan, durability, easy maintenance and repair, and smooth operation.

Suzuki

Although the economy faced many difficulties due to the COVID-19 epidemic and sales of the entire auto industry declined, Suzuki still maintained its growth momentum. Cumulative sales in 2021 (as of November 2021) of Suzuki reached 11,988 vehicles, still recording a slight increase compared to the same period in 2020.

Henry Tran - VietnamCredit

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