Vietnam Automobile Market Continues Growing In March
Members of the Vietnam Automobile Manufacturers Association (VAMA) sold over 30,038 vehicles in March, up 30% from the previous month, after recording growth of 33% in February, VAMA announced on 13 April 2023.
Source: Vietnam Plus
Of the sold vehicles in Vietnam, there were 21,696 passenger cars, up 28%; 7,990 commercial vehicles, up 39%; and 352 special-use vehicles, an increase of 17% compared to February 2023. In terms of vehicle origin, the sales of domestically-assembled cars reached 16,174 units, up 30%, while the number of imported completely built-up (CBU) cars were 13,864 units, up 31% from the previous month.
In the first three months of 2023, VAMA members sold a total of 70,392 units, down 22% compared to the same period last year with the sales of passenger cars, commercial vehicles, and special-use vehicles dropping by 26%, 5%, and 48%, respectively. By the end of March 2023, the sales of domestically-assembled cars decreased by 34% while the number of imported cars dropped by 4% compared to the same period last year.
According to experts, besides car sales of VAMA member units, the Vietnamese auto market also includes other automakers such as Audi, Jaguar Land Rover, Mercedes-Benz, Nissan, Subaru, Volkswagen, and Volvo but those automakers do not disclose business results. Meanwhile, Thanh Cong Group (TC Group) announced its sales of 5,773 Hyundai automobiles in March. Besides, VinFast reported that it handed over 915 electric cars to customers.
After seeing a decline in sales of most car manufacturers in January, car manufacturers and dealers have continuously applied preferential and promotional policies, which focus on supporting registration fees or deducting cash for car buyers to stimulate demand, so that the auto market maintains its growth momentum. Higher sales are expected in the second quarter of this year as the demand will increase thanks to the peak tourism season with greater travel demand, experts said.
Data from Statista revealed Vietnam total vehicle sales volume in 2022 amounted to approximately 358 thousand units, reflecting an increase from the previous year, likely due to the recovery of the Vietnamese economy post COVID-19. Meanwhile, passenger vehicles sales, accounting for the largest share of the total sales volume, reached 284 thousand units in that year.
Having suffered from the COVID-19 pandemic in 2020 and 2021, the total sales volume of passenger cars is expected to recover and grow within the next few years. However, the country’s lack of infrastructure for electric vehicles, plus the ownership costs are great deterrents for consumers.
While an increase in domestically-assembled cars is a good sign for Vietnam’s automotive market, the focus may unfortunately remain in internal combustion engines (ICE) — a major contribution to greenhouse gas (GHG) emissions.
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