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Auto sales dip in July

Quoc Hung
Thursday,  Aug 10,2017,00:05 (GMT+7)
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Auto sales dip in July

Quoc Hung

Models pose next to a car on display at a VAMA auto show. Auto sales in July fell sharply despite sales promotions - PHOTO: QUOC HUNG

HCMC – Auto sales fell sharply in July although auto dealers put on sales promotion and discount programs.

According to a report which the Vietnam Automobile Manufacturers Association (VAMA) released on August 8, July sales faced the steepest decline since the beginning of 2017. Over 20,600 cars were sold last month, down 15% compared to the previous month and 27% over the same period last year.

Nearly 11,200 passenger cars, 8,490 commercial vehicles and 980 special-purpose autos found buyers last month, falling by 21%, 7% and 7% respectively compared to the month before.

Automakers delivered nearly 14,780 domestically assembled cars to customers in July, while there were over 5,880 imported completely-built-up (CBU) autos sold, a respective drop of 14% and 17% month-on-month.

The dip in auto sales last month was foreseen as consumers are seemingly waiting until 2018 when the tariff on CBU cars imports from ASEAN is down to 0% from the current 30%. Besides, the poor car sales were attributable to news that car owners will be fined for failure to produce original auto ownership certificates when they are stopped by traffic police. Many people rely on car loans and thus use original auto ownership certificates as collateral, so they just keep the scanned copies of the certificates while on the road.

Market watchers said the extensive media coverage of auto price discounts had made consumers feel that prices would continue falling, so there was no reason for them to rush.

The sharp decline in July auto sales pushed down January-July sales although the figure in the first six months of this year was unchanged from the year-ago period.

According to VAMA, nearly 155,000 cars were sold in January-July, down 6% against the same period last year. Sales of passenger, commercial and special-use vehicles edged down 2%, 10% and 18% year-on-year to over 90,600, 55,900 and 8,420 units respectively.

Domestically assembled auto sales fell 10% year-on-year to 111,490 units while imported CBU auto sales increased 9% to nearly 43,450 units.

Auto sales in August were forecast to continue to decline as August coincides with the seventh lunar month during which certain consumers refrain from buying high-value assets like houses and cars.

 

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