New vehicle sales in Vietnam rose by 132% year-on-year to 12,259 units in November, according to data released by the Vietnam Automobile Manufacturers Association (VAMA).
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Year-earlier sales were depressed as domestic confidence was severely affected by the global financial crisis.
Cumulative sales for the January-November period have now turned positive, after a weak first half, with volumes rising by 2% to 104,395 units compared with 102,449 units a year earlier.
Tax changes have boosted sales of passenger cars in recent months, with cumulative sales rising by 39% to 29,518 units compared with 21,280 units a year earlier. Sales of SUVs and MPVs were up by just 1% at 24,378 units in the same period, while commercial vehicle sales fell by 11% to 50,499 units.
With the government soon to confirm a new strategic policy for the automotive industry, favouring small MPVs, more market distortions are expected next year.
Toyota’s cumulative sales amounted to 25,297 units compared with 21,873 units a year earlier, helped by the introduction of the Fortuner SUV earlier in the year and by strong demand for the Corolla and Vios passenger car models in particular. Truong Hai, which sells Foton and Kia vehicles, reported a 16.7% rise in sales to 18,783 units; while VinaMotor reported a sharp drop in sales, from 19,798 to 13,928 units, reflecting its exposure to the commercial vehicle segment.
Tony Pugliese
