New vehicle sales in Vietnam rose 44% to 38,134 units in April 2022 from 26,409 units a year earlier, according to wholesale data released by the Vietnam Automotive Manufacturers Association (VAMA).
Sales last month continued to rebound to new highs against already strong year earlier volume, reflecting some degree of pent-up demand following widespread covid lockdowns last year. The economy expanded 5% year on year in the first quarter of 2022, driven by strong growth in industrial production and exports.
Vehicle sales in the first four months of 2022 increased by 33% by 123,931 units from 92,893 a year earlier, with sales of light passenger vehicles surging by 47% to 100,196 units while commercial vehicle sales were down 3% at 23,735 units.
Truong Hai (Thaco) group, the local assembler and distributor of brands such as Kia, Mazda, Peugeot, BMW-Mini and a significant player in the commercial vehicle segment, reported a 42% rise in group sales to 50,195 units year-to-date. This included a 60% surge in Kia sales to 23,889 units, a 46% rise in Mazda sales to 13,128 units and a 87% jump in Peugeot sales to 4,269 units while Thaco truck sales were down by 1% at 8,200 units.
Toyota four-month sales increased by 44% to 27,327 units; while Honda’s sales were up by 76% at 15,305 units; Mitsubishi Motors 12,554 units (+21%); Suzuki 6,129 units (42%); and Ford 5,253 units (-38%).
VAMA data did not include all brands, including Mercedes-Benz, as well as domestic start-up VinFast which reported a 4% sales decline to 9,155 units in the first four months of the year after a 21% rise to 37,723 units in the whole of 2021. The company began deliveries of its first electric vehicle (EV) model, the VF e34, at the end of December and is in the process of rolling out an EV recharging network.