Vietnam's vehicle sales down 11 per cent in first four months
Vietnam's vehicle sales down 11 per cent in first four months
According to a recent report from the Vietnam Automobile Manufacturers’ Association (VAMA), recorded sales of vehicles were down 11 per cent year-on-year to 82,515 units in the first four months of 2024.
total of 59,116 passenger cars were sold out in the period, down 14 per cent on-year. Sales of commercial vehicles were down 3 per cent on-year to 22,730 units. Meanwhile, special-purpose vehicles declined by 28 per cent to 669 units.
Automakers also recorded a 17 per cent decrease in sales of completely knocked-down (CKD) vehicles in the first four months. Meanwhile, completely built-up vehicles (CBU) saw a drop of 3 per cent for the same period.
In April alone, auto sales grew by 9 per cent on-year to reach 24,350 units. However, this figure was 11 per cent lower than that of March. Among them, automakers reported deliveries of 17,258 passenger cars and 6,815 commercial vehicles, down 9 per cent and 15 per cent, respectively. Meanwhile, the number of special-purpose vehicles rose by 21 per cent to 277 units.
There were 11,983 CKD vehicles and 12,367 CBU units sold in April, down 17 per cent and 3 per cent from the previous month, respectively.
Last month, Prime Minister Pham Minh Chinh signed Directive No. 12/CT-TTg dated on key tasks to promote socioeconomic development. Accordingly, the Ministry of Finance was tasked with proposing a reduction in registration fees for domestically produced and assembled vehicles.
If approved, the policy will take effect from July 1 until the year-end. This will give a major boost to sales of domestically produced and assembled vehicle models. However, consumers are delaying their purchases to enjoy the preferential policy, which led to a decrease in auto sales in April, according to industry experts.
The Vietnam Motor Show 2024, which organised by the VAMA in collaboration with the Vehicle Importers Vietnam Association, is scheduled to take place in October. The show is an opportunity for car manufacturers to launch new products. Meanwhile, consumers are also expecting to buy the latest car model following this show. Vietnam's auto sales are expected to enjoy a rebound in the last months of the year.
