Vietnam Business Channel

Vietnam’s Auto sales fall 28% in the first seven months of the year

An SUV seen at a dealership in Hanoi. Photo by VnExpress/Hoang Long.

According to the latest data from the Vietnam Automobile Manufacturers Association (VAMA), auto sales in the first seven months of this year fell 28% year-on-year to 131,200 units as the coronavirus pandemic has stalled consumer demand for autos.

VAMA’s data shows that 72% of sales were for passenger cars which accounted for 94,400 units, while 26% of sales were for commercial vehicles and the remaining 2% for special-purpose vehicles.

July sales were the highest this year, with 24,065 units sold. This is double April ‘s sales, estimated at 12,000 units, after auto dealers and auto factories shut down when a nationwide lockdown was implemented to curb the spread of the Covid-19 virus in Vietnam.

 

202028AutoSales2
Data from the Vietnam Automobile Manufacturers Association
 
202028AutoSales3
Data from the Vietnam Automobile Manufacturers Association


For the first seven months, local brand Truong Hai Auto (Thaco) retained the top spot, but saw sales fall 21 percent year-on-year to 42,600 units. Toyota and Honda followed Thaco, with both companies recording double-digit decreases.

In order to help spur automobile sales, on June 28th the government has cut first-time registration fees by half for locally made cars, trailers, semi-trailers towed by cars and other vehicle types. The reduction in registration fees will be effective to December 31st before returning to previous levels on January 1, 2021.

 

 

 

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