New vehicle sales in Vietnam fell by 3.7% to 20,557 units in April from 21,345 units in the same month of last year, according to member data released by the Vietnam Automotive Manufacturers Association (VAMA).
The market is beginning to normalise after the Vietnamese government introduced new minimum standards for emissions, warranties, type approval and aftermarket services at the beginning of the year.
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The government also cut import tariffs to zero on built-up vehicles originating from neighbouring ASEAN countries, with cheaper imports expected to lift the market once the new standards are met.
Total vehicle sales in the first four months of 2018 were down by 2.2% at 79,155 units from 80,911 units in the same period of last year with passenger vehicle sales rising by 9.3% to 52,760 units while sales of trucks and buses fell by 19.3% to 26,355 units.
Toyota remained the leading vehicle brand albeit with sales falling by 5.3% year on year to 16,730 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 a 4.2% rise in group sales to 33,690 units.
Mazda sales alone increased by over 27% to 11,196 units in this period, while Kia sales were up by more than 13% at 9,052 units.
Ford's sales plunged by almost 29% to 6,764 units in the four month period while Honda's sales surged by 81% to 6,383 units and GM Vietnam's sales fell by over 21% to 2,984 units.
