New vehicle sales in Vietnam declined by 2.7% to 27,989 units in November 2019 from 29,709 units in the same month of last year, according to wholesale data released by the Vietnam Automotive Manufacturers Association (VAMA).
This follows a flat market performance in October and brings the cumulative eleven-month sales total to 274,613 units, more than 12% higher than the 244,306 units sold in the same period of last year. Passenger vehicle sales were up by over 21% at 205,475 units, while commercial vehicle sales more than 8% lower at 69,138 units.
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The vehicle market this year has been recovering from a sharp sales decline last year, when new regulations had a severe impact on vehicle imports. Economic growth in the country has continued to strengthen this year, with third-quarter GDP growth estimated at 7.3% year-on-year – up from 6.7% in the second quarter, driven by strong manufacturing and investment growth.
Truong Hai (Thaco) group, the local assembler and distributor of brands such as Kia, Mazda and Peugeot and a significant player in the commercial vehicle segment, reported a 6.1% drop in group sales to 82,828 units in the eleven-month period. This includes a 1.2% decline in Mazda sales to 29,498 units and a 3.6% rise in Kia sales to 26,900 units.
Toyota remained the leading vehicle brand in the country in the first eleven months of the year, with sales rebounding by over 24% to 70,633 units from depressed year-earlier volumes, while Honda's sales jumped by over 25% to 30,113 units. Ford's sales also recovered strongly in this period, by over 40% to 29,080 units.
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