New vehicle sales in Vietnam fell by 1.7% to 7,648 units in March, from 7,781 units in the same month of last year, according to data released by the Vietnam Automotive Manufacturers Association (VAMA).
After three years of decline, the market looks like it has stabilised following successive interest rates cuts from the central bank in response to moderating inflation and tax increases.
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Sales in the first three months of 2013 increased by 2.7% to 18,690 units, from 18,194 units in the first quarter of the previous year. A further 335 vehicles were sold by Mercedes-Benz, which are not reported directly by the association due to European competition regulations.
Over the three-month period, sales of passenger cars, MPVs and SUVs increased by 19% to 10,817 units, while commercial vehicle sales were 14% lower at 7,538 units – reflecting the still tough business conditions and increased reliance on used imports.
Toyota led the market in the first quarter with a total of 6,477 sales, an increase of close to 19% year-on-year. Truong Hai (Thaco), which assembles Kias and various other commercial vehicles, reported a 12.7% drop in sales to 4,834 units, reflecting continued tough conditions in this segment.
Ford reported a 124% jump in sales to 1,539 units, while GM reported a 28% drop in sales to 1,201 units.
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