Auto sales plunge in Vietnam
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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.
Questions & Answers
Q.What was the total volume of auto sales in Vietnam during the first six months of the year?
What was the total volume of auto sales in Vietnam during the first six months of the year?
Auto sales in Vietnam totalled 137,300 units in the first half of the year. This figure represents a 37% plunge compared to the same period previously, reflecting reduced demand due to economic difficulties.
Q.Which car brands experienced sales growth in Vietnam during the first six months?
Which car brands experienced sales growth in Vietnam during the first six months?
Ford was the only brand among the top five sellers to experience growth, with an 80% increase in sales. Other major brands generally saw double-digit declines in their sales figures during this period.
Q.What measures has the government implemented to try and stimulate car sales?
What measures has the government implemented to try and stimulate car sales?
The government has deferred special consumption tax for carmakers from June-September until November 20. Also, car registration fees for locally-made or assembled cars have been halved from July 1 until the end of the year to boost sales.
Q.Are the sales figures for all car manufacturers included in the report?
Are the sales figures for all car manufacturers included in the report?
No, the sales figures provided by the Vietnam Automobile Manufacturers Association do not include data from TC Motor and VinFast. This means the overall market picture might be slightly different if all manufacturers were included.
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