Auto sales plunge in Vietnam
Auto sales in Vietnam plunged by 37% to 137,300 units in the first six months as demand dropped amid economic challenges.
Sales reached the monthly highest this year in March at over 30,000, but fell the following two months before recovering slightly last month at 23,800 units, according to the Vietnam Automobile Manufacturers Association, which does not incorporate data from TC Motor and VinFast.
Most major brands saw a double-digit decline in sales in the first six months.
Truong Hai Auto Corporation led sales at over 41,600 units, down 44% year-on-year.
It was followed by Toyota with 26,600 units, down 38%.
Ford came third at 17,400 units. It was the only brand in the top five sellers with a growth rate of 80%.
Mitsubishi sold 12,800 units, and Honda nearly 9,500.
The government in May deferred the special consumption tax payable by carmakers for June-September until November 20.
It has also cut car registration fees in half starting from July 1 until the end of the year for locally-made or locally-assembled cars to boost sales.