New vehicle sales in Vietnam fell by 55.7% to 6,666 units in August, compared with the 9,616 units sold a year earlier, according to data released by the Vietnam Automotive Manufacturers Association.
The country continues to struggle with high interest rates and a broad lack of liquidity, which is holding back economic growth. Sales over the first eight months of the year fell by 30% to 50,114 units, compared with 71,551 units in the same period a year earlier.
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Cumulative sales of passenger cars and SUVs fell by over 38% to 24,902 units, compared with 40,237 units, as consumers and businesses continued to struggle with some of the world’s highest automotive taxes and double-digit interest rates.
Sales of commercial vehicles were also down sharply, by over 25% to 23,373 units.
Market leader Truong Hai, which assembles Kia cars and various other commercial vehicles, reported a sales drop of over 27% to 15,100 units; followed by Toyota which also reported a drop of around 27% – to 13,994 units; and by third-placed GM Daewoo with 3,591 units (-43%).
