Vietnam's new vehicle market continued to fall sharply in November, by 17.7% to 21,622 units from 26,284 units in the same month of last year, according to member data released by the Vietnam Automotive Manufacturers Association (VAMA).
After several years of exceptionally strong growth, the country's vehicle market is struggling to expand further this year despite improving economic indicators. Third-quarter GDP growth is estimated at 7.5% year on year, up from a revised 6.3% in the second quarter, on stronger manufacturing output and exports.
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In the first 11 months of the year, total vehicle sales were down by 7% at 226,661 units from 243,670 units in the same period of last year, with passenger vehicle sales 5.5% lower at 133,139 units and commercial vehicle sales down by 9.0% at 93,522 units.
Toyota was the leading brand in the first 11 months of the year with sales rising by 5.7% to 53,603 units. Truong Hai (Thaco) group, the local assembler and distributor of brands such as Kia, Mazda, Peugeot and Hyundai, and a significant player in the commercial vehicle segment, reported an almost 21% drop in group sales to 81,102 units.
Ford's sales were just slightly lower at 26,047 units in the 11 month period, while Honda's sales increased by 12.9% to 11,474 units and GM's were up by 12.8% at 9,746 units.
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