New vehicle sales in Vietnam dropped by 19.4% to 7,661 units in May, from 9,498 units a year earlier, according to data released by the Vietnam Automotive Manufacturers Association (VEMA).
The country is grappling with rampant inflation, at just under 20% in May, and rising interest rates – currently at 12%.
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Sales of passenger cars fell by 6% to 2,205 units, while MPV and SUV sales were 31% down at 1,282 units and commercial vehicles 21% lower at 4,174 units.
Cumulative sales for the five-month period remained positive, however, with total industry volumes rising by 11% to 44,966 units, compared with 40,654 units in the same period of 2010.
Passenger car sales were still 33% ahead year-to-date at 14,913 units, and SUV and MPV sales were 17% higher at 9,766 units. Commercial vehicle sales fell by 4% to 20,287 units in the five-month period.
Market leader Truong Hai, which assembles Kia and Chinese vehicles, sold 13,001 units in this period (+43%); followed by Toyota with 11,649 units (+4%); and GM-Daewoo 4,215 units (+23%).
Tony Pugliese
