New vehicle sales in Vietnam continued to rebound in November, by over 35% to 21,180 units from weak year earlier sales of 21,662 units, according to member data released by the Vietnam Automotive Manufacturers Association (VAMA).
Economic growth has been strong this year, with third quarter GDP growth estimated at 6.9%, just slightly down on the 7.1% growth reported in the first half of the year. But the vehicle market has struggled with regulatory changes introduced at the beginning of the year which have had a significant impact on the flow of imports although the situation seems to have improved in the last few months.
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Overall vehicle sales in the first 11 months of the year were up by 7.6% at 243,814 units compared with 226,656 units in the same period of last year.
Passenger vehicle sales jumped by over 70% to 21,180 units last month and were up by 27% at 168,603 units YTD.
Commercial vehicle sales continued to struggle, however, with volumes declining by over 11% to 8,167 units in November and by close 20% to 75,211 units YTD.
Truong Hai (Thaco) group, the local assembler and distributor of brands such as Kia, Mazda, Peugeot and Hyundai and a significant player in the commercial vehicle segment, reported an 8.7% year on year rise in group sales to 88,181 units in the first 11 months of the year.
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By GlobalDataMazda sales alone were up by 29% at 29,871 units, while Kia sales rose by over 30% to 29,570 units.
Toyota remained the leading vehicle brand in the country over the 11 month period with sales rising by 6.1% to 56,864 units while Honda's sales more than doubled to 23,994 units. Ford's sales plunged by over 20% to 20,677 units and GM's were 16.1% higher at 11,129 units.
