Car sales in Vietnam plunges 53% in January
In January, Vietnam imported nearly 4,000 cars worth US$106 million, up 14% month-on-month in volume but down nearly 49% in value.
Car sales in Vietnam are reported at 15,787 units in January, down 53% both month-on-month and year-on-year, according to a monthly report by the Vietnam Automobile Manufacturers Association (VAMA).
Number of car sales in January. Source: VAMA.
Upon breaking down, of the sold units, 12,807 were passenger cars, down 53% year-on-year; 2,757 were commercial vehicles, down 52%; and 223 were special-purpose vehicles, down 33%.
Sales of domestically assembled cars reached 9,599 units last month, down 49% compared to the same period of last year, while imported completely-built-units (CBUs) were 6,188 units, down 58%.
Sales of imported cars down 58% year-on-year. Source: VAMA.
The VAMA expected there would not be a significant upturn in February as it is the first month after the Lunar New Year holiday, in which demand for cars often remains at the bottom of the year, evidenced by statistics from previous years.
In January, Vietnam imported nearly 4,000 cars worth US$106 million, up 14% month-on-month in volume but down nearly 49% in value, according to the General Department of Vietnam Customs (GDVC).
The GDVC also attributed the decline in the number of car imports to a long Lunar New Year break.
In 2019, a total of 399,890 units were sold in 2019, the record figure of Vietnam’s car market to date.
According to the VAMA, last year was considered a difficult year for Vietnam’s auto market, but also marked positive performances of most local car producers.
Ford Vietnam reported sales volume of 32,175, up 31% year-on-year, in which the number in December was 3,095, up 17% month-on-month. TC Motor recorded an impressive figure with 79,568 units sold, up 28% year-on-year. Another major player in the market, Toyota Vietnam, also kept up with others with a sales volume of 79,326 unit.