Vehicle sales dropped 4% to 10,390 units in the first two months of this year, the Vietnam Association of Automobile Manufacturers (VAMA) said.
February car sales fell 25% to 6,116 vehicles.
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Truong Hai Auto passed Toyota to become the top seller in February with 1,872 vehicles sold, up 114% month on month while Toyota volume was 1,846 units, up 20%.
Toyota led for the year to date with 3,388 cars sold, down 36% on-year. Truong Hai followed with sales of 2,748 vehicles, down 34%.
Only Isuzu and Vinaxuki reported increases. Isuzu sold 121 vehicles between January and February, up 46% year on year while car Vinaxuki boosted sales 2% t0 1,112 units.
A fall in all car segments sales in the first two months was attributed to a sharp consumption slowdown since buyers had purchased vehicles ahead of the Lunar New Year holiday when high taxes and fees had yet to be applied, the Vietnam News Service noted.
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By GlobalDataSome carmakers have forecast that the slump will continue till mid-year given increased registration fees and credit tightening by banks.
