Vietnam : Automobile market on track for recovery

Members of the Vietnam Automobile Manufacturers’ Association (VAMA) sold 24,002 automobiles in June, up 26 per cent compared to the previous month but down 13 per cent year on year.

According to the association, the highest rise was seen in sales of passenger cars at 35 per cent to 17,584 units, followed by special-use cars with 18 per cent to 309 units, and commercial cars at 5 per cent to 6,109 units.

VAMA commented that the increase manifested signs of recovery of the automobile market after the COVID-19 pandemic.

In the month, 15,874 domestically–assembled automobiles were sold, up 43 per cent, along with 8,155 imported units, a rise of 21 per cent over the previous month.

In the first six months of 2020, VAMA member companies sold 107,183 automobiles of all kinds, down 31 per cent year on year, with the sharpest fall recorded in sales of special-use cars at 40 per cent, while sales of passenger cars dropped by 32 per cent and commercial cars 25 per cent.

However, experts said that the figures do not show the whole market situation as they did not include sales of many brands that are not members of VAMA such as Audi, Jaguar Land Rover, Mercedes-Benz, Subaru, Volkswagen, Volvo and TC Motor.

In June, TC Motor sold 5,613 automobiles, while VinFast also sold 2,170 units.

Experts also predicted that with the reduction of 50 per cent of registration tax for domestically-assembled automobiles and promotion programmes in the coming months, the automobile market will expand further.

Vietnam News – July 13, 2020