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Sunday, July 21, 2024

May auto sales soar by over 70%

By Le Hoang

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HCMC – Members of the Vietnam Automobile Manufacturers’ Association (VAMA) sold over 43,800 autos in May, up 71% year-on-year, according to a VAMA report released on June 13.

Sales of locally assembled and imported completely built-up (CBU) vehicles saw a month-on-month increase of 1% and 7% in May, respectively.

Over 35,200 passenger cars were sold in May, while 7,930 commercial vehicles and 677 special-use vehicles found buyers last year.

Aside from the VAMA members, non-member automaker TC Motor sold 6,490 units last month, up over 430 cars year-on-year, while other non-member brands such as VinFast, Audi, Jaguar, Land Rover, Nissan, Subaru and Volkswagen have yet to publicize their sales.

The total sales of autos in the local market in May are estimated at over 60,000.

The country saw a sharp spike in auto sales in May, as this was the last month when locally assembled cars enjoyed a 50% cut in registration fees.

The June auto sales are forecast not to see a boom as strong as in May since the registration fee cut expired.

Between January and May, VAMA members sold nearly 176,700 cars, up 39% year-on-year. The sales of passenger cars and special-use vehicles soared by 57% at over 140,000 units and 21% at 2,900 units, respectively, while commercial vehicles saw a slight decline of 5% in sales at 33,700 in the first five months.

Due to the cut in registration fees, the sales of locally assembled cars during the five-month period climbed by 47% year-on-year to 105,000.

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