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Ho Chi Minh City
Sunday, September 25, 2022

Domestic auto market rebounds

By Le Hoang

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HCMC – Following a 42% drop in sales in June due to the removal of the 50% registration tax cut, Vietnam’s auto market in July saw an increase of 20% compared to the previous month.

The Vietnam Automobile Manufacturers Association (VAMA) on August 11 reported that sales of automobiles in July totaled 30,254, including all types of vehicles, up 20% versus the previous month and 88% year-on-year.

Vietnam’s auto market has recovered rapidly after a sharp decline in June due to the 50% reduction in registration fees that lasted until the end of May.

Car sales increased by 30% to 23,087 vehicles, while commercial vehicle sales increased by 1.8% to 6,945. Only 222 specialty automobiles were sold, a 57% decrease from the previous month.

In July, roughly 13,760 domestically assembled vehicles were sold, a 25% increase over the previous month. Imported automobile sales rose by 17% to 16,495.

Locally assembled cars have regained their edge, despite the removal of 50% registration fee incentives.

In the January-July period, the sales volume of the total auto market reached 232,094 automobiles of all types, up 39% year-on-year. Cars climbed by 57%, hitting 181,000 vehicles, while commercial vehicles decreased by 0.5%, reaching 47,445.

Specialty automobiles sales increased by 3% to 3,630 vehicles.

In addition to VAMA data, the auto market saw sales from other automakers, including Audi, Jaguar Land Rover, Mercedes-Benz, Nissan, Subaru, Volkswagen and Volvo.

Thanh Cong announced the sales volume of 42,189 Hyundai vehicles, while VinFast sold 16,832 vehicles in the first seven months of the year.

However, several businesses are concerned about the prospect of car sales in August due to an omen of bad luck in the 7th lunar month during which cnsumers are hesitant to spend money on high-value items, including automobiles.

However, enterprises are optimistic about Vietnam’s auto market growth, particularly with the stabilization of the domestic economy as well as the sufficient supply of spare parts and accessories for the assembly of domestic vehicles.

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