Vietnam car market cools in April
Car sales fell by 29 percent in April, according to the Vietnam Automobile Manufacturers Association.
A total of 27,197 units were sold compared to 38,369 in March. Car manufacturer Truong Hai (Thaco) took over top spot from Toyota as sales of its Kia, Mazda and Peugeot cars and Thaco buses and trucks, all of which it assembles in Vietnam, grew by one percent to 8,148 units.
Toyota’s sales plummeted by 54 percent to just 4,188 units. Its revenue driver, Vios, sold only 1,115 units compared to 3,161 in March. Industry insiders attributed the sharp decrease to its Vios and Wigo compact cars facing increasing competition from Thaco and Hyundai, which offer relatively cheaper alternatives.
According to a Toyota salesperson, the drop was the result of manufacturers ending the discounts and other incentives they had been offering in March.
Hyundai managed to buck the market trend by selling its SUVs such as Tucson and Santa Fe and bundling accessories along with vehicles, a car dealer who did not wish to be named said.
Auto sales are monitored by VAMA, an association of all manufacturers in Vietnam except Hyundai TC.
Hyundai only began announcing sales figures in June last year though it has been in Vietnam since 2009.
Vietnam saw car sales of 99,273 units between January and April, up 23 percent over the same period last year.