Vehicle sales in Vietnam fell by just under 6% to 112,796 units in 2010, compared with 119,868 units sold in the previous year, according to data released by the Vietnam Automotive manufacturers Association (VAMA).

Considering the significant policy and taxation changes over the last 18 months, sales volumes have held up reasonably well. This reflects the strong underlying demand in the country, despite high taxes. Vehicles are also seen as a good hedge against the country’s rampant inflation. 

Sales of passenger cars fell by just 3% to 33,469 units in 2010, while sales of MPVs and SUVs fell by 13% to 24,309 units. Sales of commercial vehicles, including bus chassis, fell by 4% to 55,018 units.

Toyota sales increased by 3.4% to 31,135 units; followed by Truong Hai, which sells mainly commercial vehicles, with 26,047 units (+20.5%); and third-placed VinaMotor with a drop of almost 20% to 12,274 units. Fourth-placed GM-Daewoo reported a drop in sales of close to 32% to 9,685 units.