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January 14, 2019

Vietnam sales jump 36% in December

Vietnam's new vehicle market finished the year strongly in 2018, with sales jumping by close to 36% to 32,511 units in December from year earlier sales of 23,963 units, according to member data released by the Vietnam Automotive Manufacturers Association (VAMA).

By bcusack

Vietnam's new vehicle market finished the year strongly in 2018, with sales jumping by close to 36% to 32,511 units in December from year earlier sales of 23,963 units, according to member data released by the Vietnam Automotive Manufacturers Association (Vama ).

Economic growth accelerated to 7.3% in the fourth quarter of last year from a revised 6.8% in the third quarter, driven by strong service and manufacturing sector growth and inward investment. This rounded off a strong year for the economy, with full year GDP growth estimated at 7.1%, up from 6.8% in 2017.

In the whole of 2018 new vehicle sales increased by 10.5% to 276,817 units from 250,619 units in 2017, lifted by a strong second half as imports recovered following restrictive regulations introduced at the beginning of 2018.

Passenger vehicle sales jumped by close to 31% to 192,084 units from 146,994 units, while commercial vehicle sales struggled with volume declining by over 18% to 84,733 units from 103,625 units in 2017.

Truong Hai (Thaco) group, the local assembler and distributor of brands including KIA , Mazda , Peugeot and Hyundai and a significant player in the commercial vehicle segment, reported a 7.3% rise in group sales to 96,127 units last year. Mazda sales alone were up by almost 26% at 32,728 units while KIA sales rose by close to 31% to 28,986 units.

Toyota remained the leading vehicle brand in Vietnam last year with sales rising by almost 11% to 65,856 units while Honda's sales more than doubled to 27,099 units. Ford's sales fell by almost 14% to 24,636 units and GM's were 16.6% higher at 12,334 units.

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