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Thursday, June 13, 2024

Vietnam sees auto sales down 27.4% in 2023

The Saigon Times

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HCMC – Car sales last year plummeted by a staggering 27.4% year-on-year, with new vehicle purchases dropping from over 369,400 to 229,698 units.

Member companies of the Vietnam Automobile Manufacturers’ Association (VAMA) sold nearly 302,000 units in 2023, plunging by 25% year-on-year, according to data from VAMA.

In December, total auto sales among VAMA members spiked by 39% versus November to 38,740 units. Over 32,130 passenger cars were sold in the month, and 6,400 commercial vehicles and 200 special-use vehicles found buyers last month, jumping 43%, 20.5%, and 9% month-on-month, respectively.

Sales of locally assembled autos surged by 33% in December against the previous month to over 24,000 units. Sales of imported completely built-up (CBU) vehicles surged 49% to nearly 14,700 units.

The year-end rise in sales was attributed to the peak shopping season and a 50% reduction in registration fees for domestically assembled cars.

In all of 2023, VAMA members collectively sold 301,989 units, with sales of all segments – passenger, commercial, and specialized vehicles – declining by 27%, 16%, and 56% year-on-year, respectively. In specifics, 181,380 locally assembled cars and 120,600 CBU vehicles were sold, down by 20% and 32% compared to 2022.

Aside from the VAMA members, non-member automaker Hyundai Thanh Cong Vietnam Auto Manufacturing Corporation reported sales of 67,450 units in 2023. In total, the figure added up to 369,479 units sold nationwide.

These figures did not include sales from non-member brands such as VinFast, Audi, Jaguar, Land Rover, Nissan, Subaru and Volkswagen, as they have yet to publicize their sales data.

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