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May 13, 2021

Vietnam sales continue rebound

Vietnam's new vehicle market continued to rebound in April 2021, with sales surging by over 75% to 18,941 units from weak year-earlier sales of 10,816 units, according to wholesale data released by the Vietnam Automotive Manufacturers Association (VAMA).

Vietnam’s new vehicle market continued to rebound in April 2021, with sales surging by over 75% to 18,941 units from weak year-earlier sales of 10,816 units, according to wholesale data released by the Vietnam Automotive Manufacturers Association (VAMA).

GDP growth is estimated to have expanded by 4.5% year on-year in the first quarter of 2021 after growing by an average of 2.8% in 2020, driven mainly by strong growth in exports and buoyant foreign direct investment (FDI).

Sales in the first four months of the year were almost 53% higher at 92,892 units from 60,825 units a year earlier, with passenger vehicle sales rising by 54% to 68,369 units while commercial vehicle sales were up by over 49% at 24,523 units.

Truong Hai (Thaco) group, the local assembler and distributor of brands such as Kia, Mazda, Peugeot, BMW-Mini and a significant player in the commercial vehicle segment, reported an almost 73% surge in group sales to 35,389 units in the four-month period. This includes a 115% jump in Kia sales to 14,930 units, a 45% rise in Mazda sales to 9,009 units and a 30% increase in Thaco truck sales to 8,295 units.

Toyota sales rose by 15% to 18,973 units year-to-date while Mitsubishi Motors sales rose by 77% to 10,381 units; Honda 8,711 units (+42%); Ford 8,478 units (+85%); and Suzuki 4,324 (+61%).

The VAMA data did not include sales by domestic start-up Vinfast, which delivered 29,480 vehicles in Vietnam in 2020. The company reported an almost 17% rise in sales to 2,717 units in April, bringing the year-to-date total to 9,566 units.

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