Vehicle assemblers in Vietnam sold 26,890 vehicles in the first nine months of this year, a year-on-year decline of 5%, according to the Vietnam Automobile Manufacturers Association (VAMA).
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Imports of completely built-up vehicles are also considerably down. In the first 10 months of the year 10,000 completely built-up (CBU) vehicles were imported, worth US$168m, according to the government general statistics office. This compares with 17,000 CBU imports in 2005, valued at US$280m.
According to Xinhua, prices are being reduced to incentivise buyers, but are expected to fall further late this year when Vietnam becomes a member of the World Trade Organisation.
There are currently 13 assemblers in Vietnam with an annual capacity of 173,000 vehicles. Car ownership is low with just one for every 145 people.
High tariffs hit car tax revenue
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