Vehicle sales in Vietnam rose by over 107% in October 2009 to 11,762 units, compared with depressed year-earlier volumes of 5,679 units, according to data released by Vietnam Automobile Manufacturers Association (VAMA).
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Sales this time last year were artificially depressed following a substantial increase in the registration tax in August, which was largely anticipated by the market and resulted in purchases brought forward into previous months. Also in the fourth quarter of last year, domestic confidence was hit hard by the global financial crisis.
The vehicle market has recovered strongly in the last few months after a depressed first half of 2009, helped by strengthening domestic economy. GDP expanded 5.8% in the third quarter and by 4.6% year-to-date.
Compared with the previous month, vehicle sales rose by 6.2% in October. Year-to-date sales are still down, by 3.8% at 92,136 units, but the market could finish the year higher than last year’s record 110,000 sales. Passenger vehicle sales, including cars, SUVs and MPVs, amounted to 46,951 units and commercial vehicles 45,545 units.
Toyota kept its lead position with 22,263 sales, up by 10% compared with the year-earlier period; followed by Truong Hai (distributor of Kia vehicles, trucks) with 16,606 units (+8%); truck and bus distributor VinaMotor with 12,610 units (-33%); and GM-Daewoo with 10,817 units (+14%).
Tony Pugliese
