New vehicle sales in Vietnam declined further in April, by 7.1% to 21,343 units from 22,977 units a year earlier, according to member data released by the Vietnam Automotive Manufacturers Association (VAMA).
The data did not include some non-affiliated brands, meaning the actual market size is larger than these figures suggest.
Go deeper with GlobalData
This is the second consecutive monthly decline for the country, driven lower by a sharp drop in passenger vehicle sales. In the first four months of the year, sales were nonetheless 2.1% higher at 80,908 units, compared with 79,246 a year earlier, helped by a sharp jump in February.
Economic growth slowed sharply in the first quarter of 2017, to an estimated 5.1% year on year from 6.8% in the fourth quarter of 2016. Much of this weakness was sector specific, however, with growth affected by a sharp slowdown in smartphone output at Samsung – the country’s largest exporter.
In the first four months of the year, passenger vehicle sales were up by 8.8% at 48,261 units, from 44,362 units a year earlier, while commercial vehicle sales fell by 6.4% to 32,647 units compared with 34,884 previously.
Toyota was the leading brand in the first four months of the year with sales rising by 6% to 17,672 units. Truong Hai (Thaco) group, the local assembler and distributor of brands such as Kia, Mazda, Peugeot and Hyundai, reported a 5% drop in group sales to 32,337 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.
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 GlobalDataFord’s sales rose by 6% to 9,470 units in the four-month period, while Honda’s sales rose by 28% to 3,524 units; and GM Vietnam’s sales were 34% higher at 3,783 units.
