Auto sales hit five-year low
Auto sales hit five-year low
Auto sales hit a five-year low, falling 33 percent year-on-year in the first quarter to 52,557 units, as the Covid-29 pandemic triggered a slump in demand.
Cars on the Ho Chi Minh City - Long Thanh - Dau Giay Expressway. Photo by VnEpxress/Quynh Tran.
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This is the lowest sales in a quarter over the past five years. Passenger car sales fell 35 percent to 38,349, according to the Vietnam Automobile Manufacturers Association (VAMA).
Truong Hai Auto (Thaco) retained the top spot, but its sales fell 29 percent to 16,100 units.
It was followed by Toyota with 13,700 units, down 28 percent, and Honda with 5,300 units, down 39 percent.
Dealers said the steep drop was due to the fact that the pandemic kept customers away from auto showrooms.
Most companies including Toyota, Ford and Honda have suspended production until mid-April.
The Ministry of Industry and Trade said in a recent report that the auto industry is one of key sectors affected by the pandemic, with production in the first quarter falling by 10.5 percent year-on-year to 56,200 units and inventory tripling.
Last year 322,322 cars were sold, up 11.7 percent from 2018, according to VAMA.
