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.
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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%).
