CBU automobile sales grow stronger than locally assembled cars
The consumption of imported completely-built-up (CBU) automobiles in January-October skyrocketed 118% against the year-ago figure, while that of locally assembled cars plummeted 12%, according to data from the Vietnam Automobile Manufacturers Association (VAMA).
Over the past 10 months, more than 106,000 imported CBU cars were sold, while sales of cars assembled in the country totaled some 153,000 units, taking the total number sold in the period to over 259,000 vehicles, up 16% compared with the same period last year.
Sales of passenger cars rose sharply by 26% to exceed 190,000 units. Meanwhile, commercial and special-used vehicle sales dipped 2% and 27% at over 64,700 and nearly 5,500 units, respectively.
According to VAMA, October alone saw over 28,900 cars being sold, comprising some 21,000 passenger cars, 7,200 commercial automobiles and 365 special-use vehicles, up 2%, 11%, 14% versus the previous month, respectively.
Of these, the sales of locally assembled automobiles edged down 3% month-on-month at roughly 16,300 units, while the consumption of imported CBU cars surged 16% to stay at 12,500 units.
Car manufacturers and traders have forecast that the gap between sales of imported CBU and locally assembled vehicles could be narrowed in the coming months, as CBU vehicles are exempt from import duties. Moreover, the local automobile market has barely made any headway, especially in the supporting industries, making domestically assembled cars less competitive than CBU vehicles.