Vietnam’s auto trade association has said that car sales in Vietnam declined by 38% in the first four months of this year.
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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.
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