Vietnam’s automobile market has shown signs of recovery in March. According to the latest data from the Vietnam Automobile Manufacturers’ Association (VAMA), its members sold 27,289 units in March.
This marks a dramatic 135 percent increase compared to February. However, this figure still trails the sales numbers from March of the previous year by 9 percent.
VAMA attributes the sales recovery to a surge in supply and the introduction of new models. Additionally, price adjustments aimed at benefiting consumers are expected to sustain this positive trend.
According to sales reports by VAMA and the Thành Cong (TC) Group, Hyundai led the market with 4,542 vehicles sold. This is followed by Toyota (3,865 units), Ford (3,686), Mitsubishi (3,439), and Honda (2,832).
The first quarter of the year continued to show a downturn, with VAMA members totalling 58,165 units in sales, down 17 percent year-on-year. The decline was felt across different segments: passenger car sales dropped by 21 percent, commercial vehicles by 6 percent, and special-purpose vehicles faced a significant 48 percent reduction.
Domestically assembled cars also took a hit, with sales down 20 percent to 30,919 units, while imports decreased by 14 percent with 27,246 units sold.
Beyond VAMA, the overall Vietnamese market includes various other players such as Audi, Jaguar Land Rover, Mercedes-Benz, Nissan, Subaru, Volkswagen, and Volvo. However, these companies have not yet disclosed their sales data for the period.
Notably absent from the sales reporting is VinFast, Vietnam’s pioneering electric vehicle manufacturer, which has kept its sales figures private since August 2023.
Industry insiders are optimistic about the potential for continued recovery and a prosperous market throughout the rest of 2024.
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