New vehicle sales in Vietnam fell by close to 21% to 7,430 units in October, from 9,369 units in the same month last year, according to data released by the Vietnam Automotive Manufacturers Association.
Passenger vehicle sales fell by over 24% to 4,250 units, from 5,605 units, while commercial vehicle sales fared a bit better – with sales falling by 12.5% to 3,051 units.
Vietnamese consumers and businesses continue to struggle with high interest rates, tight lending and slowing economic growth. In the first 10 months of 2012, vehicle sales fell by over 30% to 63,358 units, from 90,857 units in the same period of last year.
Market leader Truong Hai, which assembles Kia cars and various commercial vehicles, reported a sales drop of over 26% to 19,436 in the first 10 months of 2012; followed by Toyota with 18,752 sales (-25.3%); and GM-Daewoo with 4,601 units (-44.2%).