New vehicle sales in Vietnam fell by 25% to 7,611 units in June, from 10,144 units a year earlier, according to data released by the Vietnam Automotive Manufacturers Association.
The market was driven lower by weak demand for SUVs and MPVs, with volumes declining by 40% to 1,389 units year-on-year; and by a sharp slowdown in the commercial vehicle market – down 30% to 3,351 units.
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Passenger car sales held up relatively well, considering the recent hikes in interest rates as the country struggles with rampant inflation and a weak currency. Sales fell by just 1% to 2,871 units.
The market’s strong first quarter gains are gradually being eroded, with cumulative first half sales up by just 4% to 52,588 units, compared with 50,798 in the first half of last year.
Cumulatively, passenger car sales were almost 26% ahead at 17,784 units; while SUV and MPV sales were up by 4% to 11.155 units. Commercial vehicle sales were 9% lower over the six-month period at 23,649 units.
Market leader Truong Hai, which assembles Kia cars and various commercial vehicles, increased sales by over 39% to 15,482 units; followed by Toyota with 13,567 units (-4%); and GM-Daewoo 4,830 units (+10%).
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By GlobalData
