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Tuesday, July 23, 2024

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FTAs

Still in the doldrums

Vietnam’s automotive market is increasingly challenged by the reduction of import duties on cars from the countries with which Vietnam has signed free trade agreements (FTAs). As more FTAs have come into effect, domestically assembled vehicles are facing heightened competition. Poor market performance After a 25% decline in car sales in 2023, the downward trend continued in the first four months of this year. Domestic assemblers and distributors are struggling with rising inventory. Japanese carmaker Toyota sold only 11,800 units in January-April, a 34% drop against the same period last year. Similarly, Mitsubishi’s sales fell by 27% to 2,508 units. Car brands assembled by Thaco Auto, like Mazda and Peugeot, dipped by 9% in sales. TC Group reported Hyundai sales totaled 14,420 units, down from 19,320 in the same period last year. According to the Vietnam Automobile Manufacturers Association (VAMA), January-April car sales totaled 82,515 units, an 11% year-on-year fall. The auto market remains sluggish, with large volumes of cars made in 2023 still unsold. Economists say that consumer demand could rebound as the broader economy recovers and interest rates decrease. However, automobile sales are unlikely to return to their previous highs anytime soon, as consumers prioritize spending on essential […]
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