Auto sales suffer their sharpest drop in five years
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Data by VAMA shows that sales of passenger cars were hit the hardest, down 45 per cent from January. Sales of commercial vehicles were down 21 per cent. Meanwhile, special-purpose vehicles declined by 48 per cent.
Automakers slowed the downward momentum of completely knocked-down (CKD) sales thanks to a more proactive supply chain and the benefit of demand stimulation policies. Sales of CKD vehicles were down 32 per cent in February from the previous month. Meanwhile, completely built vehicles saw a drop of 47 per cent for the same period.
According to industry experts, consumers have tightened their budgets amid the current economic difficulties, with many purchasing cars before a policy that halved registration fees expired in December.
Many car manufacturers have launched promotional campaigns offering discounts since the beginning of the year with the likes of Ford, Toyota, Mitsubishi, Hyundai, Honda, and VinFast applying attractive incentives to pull in buyers.
Industry experts expect Vietnam's vehicle market to gradually improve in the following months and see steady growth in the last six months of the year.
 | Vietnam's car sales drop to just over 300,000 units in 2023 Automakers under the Vietnam Automobile Manufacturers’ Association (VAMA) sold just over 300,000 units in 2023, a sharp drop of 25 per cent on-year. |
 | Vietnam vehicle sales down 31 per cent in October Amid a challenging economic environment, Vietnam's auto sales continues their downward trend, falling 31 per cent from a year earlier in October. |
 | Vietnam posts 33 per cent increase in auto sales in 2022 Automakers under the Vietnam Automobile Manufacturers’ Association (VAMA) sold over 404,500 vehicles of different types in 2022, up 33 per cent from the previous year. |
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