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February 20, 2019

Vietnam vehicle sales jump 24% in January

Vietnam’s new vehicle market continued to rebound strongly in January, with sales jumping by 24% to 31,789 units from weak year-earlier sales of 25,601 units, according to member data released by the Vietnam Automotive Manufacturers Association (VAMA).

By bcusack

Vietnam's new vehicle market continued to rebound strongly in January, with sales jumping by 24% to 31,789 units from weak year-earlier sales of 25,601 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.

Passenger vehicle sales jumped by close to 43% to 26,286 units in January from 18,433 units a year earlier, while commercial vehicle sales continued to struggle – with volumes declining by over 23% to 5,503 units from 7,168 units.

Truong Hai (Thaco) group, the local assembler and distributor of brands such as Kia, Mazda, Peugeot and Hyundai and a significant player in the commercial vehicle segment, reported an 8.8% drop in group sales to 10,282 units last month. Mazda sales were up by a little over 2% at 5,153 units, while Kia sales rose by just 1.3% to 3,463 units.

Toyota remained the leading vehicle brand in the country in January, with sales rebounding strongly from weak year-earlier volumes – by over 48% to 7,599 units, while Honda's sales jumped by 148% to 4,348 units. Ford's also posted a sharp sales rebound last month, of 39% 3,401 units, while GM's sales plunged to 290 units from 1.138 units a year earlier.

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