New vehicle sales in Vietnam continued to fall sharply in October, by 17.5% to 20,156 from 24,441 units in the same month of last year, according to member data released by the Vietnam Automotive Manufacturers Association (VAMA). 

After several years of exceptionally strong growth the vehicle market has struggled to expand further despite improving economic indicators. Third quarter GDP growth is estimated at 7.5% year on year, up from a revised 6.3% in the second quarter, on stronger manufacturing output and exports.

In the first 10 months of the year, total vehicle sales fell by 5.7% to 204,999 units from 217386 units in the same period of last year, with passenger vehicle sales 3.1% lower at 120,690 units and commercial vehicle sales down by 9.2% at 84,309 units.

Toyota was the leading brand in the first nine months of the year with sales rising by 8.2% to 48,299 units. 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 a 20.2% drop in group sales to 73,778 units.

Ford's sales were just slightly higher at 23,634 units in the nine month period, while Honda's sales increased by 21% to 10,767 units and GMs were up by 14% at 8,880 units.

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.

Company Profile – free sample

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
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.