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New vehicle sales in Vietnam fell by just over 11% to 23,324 units in June 2020 from 26,217 units in the same month of last year, according to wholesale data released by the Vietnam Automotive Manufacturers Association (VAMA).

This followed much sharper decline in the previous three months when parts of the economy were under lockdown to help limit the spread of the COVID-19 virus.

Vietnam has coped better than most countries in Asia with the pandemic thanks to early pre-emptive action taken by the central government. 

Economic growth slowed to just under 0.4% year on year in the second quarter after growing by 3.7% in the first quarter and 7% in the whole of 2019 while most other economies in the region shrank in the second quarter.

Domestic economic activity has returned to close to normal while exports in the first half of the year were 3.7% higher.

Foreign direct investment remained negative, however, and the country is still closed off to foreign tourist arrivals.

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By GlobalData

Vehicle sales in the first half of 2020 were down by almost 30% to 102,720 units from 145,989 units in the same period of last year.

Sales of passenger vehicles fell by almost 32% to 74,638 units in this period from 109,459 units, while commercial vehicle sales were down by just over 23% at 28,082 units from 36,530 units.

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 an almost 26% drop in group sales to 34,159 units in the six month period. This includes a 39% plunge in Mazda sales to 10,549 units and a 24% drop in Kia sales to 11,049 units.

Toyota remained the leading vehicle brand albeit with sales off by close to 32% to 25,177 units while Honda sales were down 27% to 12,035 units.

Mitsubishi sales fell by close to 17% to 10,301 units, underpinned by strong demand for the Xpander MPV.