Vietnam’s auto trade association has said that car sales in Vietnam declined by 38% in the first four months of this year.
The Vietnam Automobiles Manufacturers Association (VAMA) said car sales in the first four months of this year reached 29,289 units. It said the decline reflected weaker economic conditions and tight credit.
GDP growth declined to 6.2% in 2008, from 8.5% in 2007 and Vietnam’s economy grew an estimated 3.1% in the first quarter from a year earlier.
The vehicle market also continues to be distorted by big changes in automotive taxation. Special consumption tax on large passenger vehicles was increased sharply at the beginning of April, which resulted in a small rush to buy SUVs and MPVs with engines larger than 2L in March.
Toyota leads the market. Its year to date sales to April were down 15% to 6,751 vehicles.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData