New vehicle sales in Vietnam fell by just over 29% to 18,571 units in May 2020 from 26,181 units in the same month of last year, according to wholesale data released by the Vietnam Automotive Manufacturers Association (VAMA).

This followed much sharper declines in the previous two months and signaled the COVID-19 low point for the country's automotive sector has passed.

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Total vehicle sales in the first five months of 2020 were down by almost 34% at 79,396 units from 119,772 units in the same period of last year.

In early May the Vietnamese government began to reopen parts of the economy after almost two months of partial shutdown which helped the country bring the pandemic under control.

Economic growth, along with the local vehicle market, is likely to rebound in the coming months as domestic economic activity gradually returns to normal.

Sales of passenger vehicles fell by over 36% to 57,261 units in the first five months of 2020 from 89,734 units a year earlier, while commercial vehicle sales were down by just under 29% at 16,420 units from 23,002 units.

Truong Hai (Thaco) group, the local assembler and distributor of Kia, Mazda and Peugeot, and a significant player in the commercial vehicle segment, reported an almost 32% drop in group sales to 26,298  units in the five month period. This included a 46% plunge in Mazda sales to 7,963 units and a more than 31% drop in Kia sales to 8,496 units.

Toyota remained the leading vehicle brand in the country, albeit with sales falling by close to 30% to 20,718 units, while Honda sales plunged by over 34% to 8,847 units.

Mitsubishi Motors sales were down by close to 26% at 7,413 units, underpinned by strong demand for the Xpander MPV.