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.
Some carmakers have forecast that the slump will continue till mid-year given increased registration fees and credit tightening by banks.
