HCMC – Vietnam’s auto market staged a poor performance in January, with total sales of Vietnam Automobile Manufacturers Association (VAMA) members dropping 40% against December, according to VAMA data.
Sales fell across all segments. Passenger car sales dropped 42% to 14,201 units, while commercial vehicle sales fell 33% to 4,354 units. Specialized vehicle sales slid 40% to 338 units.
Locally assembled car sales reached 9,120 units, down 29%, while imported vehicle sales plunged 48% to 9,773 units.
Toyota led sales with 3,346 vehicles sold, followed by Ford with 2,452 units. Mazda recorded 2,031 units, KIA sold 1,846 units, and Honda reported 1,826 units. Hybrid vehicle sales surged 57% year-on-year, with 904 units sold, reflecting growing consumer interest in environmentally friendly options.
Industry analysts attributed the slide to seasonal factors, including weaker demand following year-end promotions and the impact of the Lunar New Year holiday. The expiration of a 50% registration fee reduction and higher auto loan interest rates also affected purchasing power.
Experts expect the market to improve from the second quarter, supported by automaker incentives and potential government policies promoting green transportation.
