Vietnam’s new vehicle market surged by 63% to 21,100 units in February 2022 from 12,939 units a year earlier, according to wholesale data released by the Vietnam Automotive Manufacturers Association (VAMA).
Sales last month rebounded from weak year earlier levels, while continuing to benefit from a strengthening economic recovery after strict covid related lockdowns were lifted at the end of the third quarter of last year. GDP rebounded by 5.2% year on year in the fourth quarter of last year after contracting by 6.2% in the third quarter, while full year growth was just 2.6%.
In the first two months of the year the vehicle market was up 37% at 50,776 units from 37,155 units a year earlier, with passenger vehicle sales rising by 42% to 41,317 units while commercial vehicle sales increased 17% to 9,459 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 48% rise in group sales to 22,213 units year to date. This included a 51% surge in Kia sales to 10,557 units, a 49% rise in Mazda sales to 5,747 units and a 131% jump in Peugeot sales to 2,063 units, while Thaco truck sales were up by 27% at 3,475 units.
Toyota sales jumped by 56% to 10,656 units in the two-month period; followed by Honda with 5,601 units (+30%); Mitsubishi 5,263 units (+14%); Suzuki 2,605 units (+75%); and Ford 1,557 units (-42%).
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VAMA’s data did not include sales by domestic start-up VinFast, which reported a 16% sales decline to 3,257 units year to date after volume rose 21% to 37,723 units in full year 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 in the country.
