Auto sales plummets in January
January automobile sales fell by 52 percent over the previous month and 53 percent year-on-year, according to the Vietnam Automobile Manufacturers Association (VAMA).
Imported cars line up at a showroom in Ho Chi Minh City. Photo by VnExpress/Thanh Nhan.
A total of 15,787 vehicles were sold last month, including 12,807 passenger cars, 2,757 commercial vehicles and 223 special multi-purpose vehicles.
The sales figures were compiled by VAMA, an association of all auto manufacturers in Vietnam except Hyundai TC. The 5,944 units sold by Huyndai TC last month would take the total to 21,731.
VAMA attributed the decline in sales to the Lunar New Year (Tet) holiday, when the country took a week off (January 23-29). The holiday is usually a quiet period for the car market, it noted, adding that people tend to buy cars at the end of the year, about a month before the Tet holiday, and sales in the days leading up to the break would usually fall.
Of the vehicles sold, domestically assembled cars still accounted for nearly two-third of sales, reaching 9,599 units, down 51 percent over the previous month. Imported completely-built-up (CBU) cars made up the remaining 6,188 units, down 54 percent over December last year.
Domestic carmaker Truong Hai Auto (Thaco) retained the top spot in January, accounting for over 33 percent of sales by all VAMA members. Trucks and sedans made up most of its sales.
Toyota Motor Corp. retained its second spot at 25.8 percent, followed by Honda and Mitsubishi, with 12.6 percent and 11 percent, respectively.
Vietnam saw car sales of 322,322 in 2019, up 11.7 percent year-on-year, according to VAMA.