New vehicle sales in Vietnam fell by over 40% to 3,679 units in February, from 6,197 units in the same month of last year, according to data released by the Vietnam Automotive Manufacturers Association (VAMA).
The sharp decline was largely due to fewer working days in the month due to the Lunar New Year holidays, which this year fell in February.
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A better reflection of the demand trend can be seen over the first two months of the year, when sales increased by 6% to 11,078 units, from 10,449 units in the same period of last year.
Over the two-month period, sales of passenger cars, MPVs and SUVs increased by 23% to 6,914 units, with lower interest rates helping to kick-start the market after last year’s sharp decline. Commercial vehicle sales were still weak, however, with sales falling by 14.9% to 3,904 units.
Toyota led the market over the two month-period with a total of 4,055 sales, an increase of close to 20% year-on-year. Truong Hai (Thaco), which assembles Kia cars and various other commercial vehicles, reported a 4.9% drop in sales to 2,748 units. Ford remained strong in third place, with sales rising by 166% to 1,041 units – from 392 units a year earlier.
