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Auto sales plummet in January
By Hung Le
Thursday,  Feb 13, 2020,15:48 (GMT+7)

Auto sales plummet in January

By Hung Le

Automobiles on display at an expo in HCMC. The first month of the year saw vehicle sales plummet 52% from the same period last year - PHOTO: HUNG LE

HCMC - The first month of the year saw vehicle sales plummet 52% from the same period last year and against the month earlier, mainly due to the long Tet holiday.

Statistics from the Vietnam Automobile Manufacturers Association (VAMA), whose members dominate Vietnam’s automobile market, indicated that their sales reached over 15,780 units in January, a new low compared with any month of 2019.

More than 12,800 passenger cars were delivered to customers in the first month of 2020, plunging 48% from the month earlier, while 2,750 commercial vehicles and 223 specialized vehicles were sold in January, tumbling by 65% and 41% against the previous month, respectively.

Many analysts attributed the fall to the long Tet holiday, which fell in late January.

According to VAMA, the consumption of locally assembled automobiles amounted to a mere 9,600 units in January, while that of imported vehicles slumped by 54% against the month earlier to some 6,180 units.

Compared with the year-ago figures, sales of domestically assembled cars and imported ones dipped 49% and 58% in January, respectively. Last year's Tet fell in February.

Given a drop in vehicle sales over the past three months, many automobile outlets and distributors have launched several promotional programs and offered discounts to stimulate demand.

Automobile traders and firms predict that the sales of cars will continue dropping this month due to the impact of the Wuhan coronavirus, now officially named Covid-19.

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