Vietnam’s automotive market showed little sign of improvement in July, with sales falling by 19.7% year-on-year to 6,937 units, according to data released by the Vietnam Automotive Manufacturers Association.
High interest rates and a hike in vehicle registration taxes at the beginning of the year have put significant pressure on purchases by consumers and businesses. Year to date, sales fell 29.8% to 43,448 units, from 61,935 units a year earlier.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Market leader Truong Hai, which assembles Kia cars and various commercial vehicles, posted a 27% drop in first half sales to 13,152 units, units; followed by Toyota with 12,084 sales (-24%); and GM-Daewoo with 3,209 sales (-40%).
