Car sales in Vietnam have been forecasted to hit the record high of 400,000 by the end of this year.
Car sales in November failed to meet expectations even though the year-end shopping season has started and despite various discounts of up to hundreds of millions of dong.
Hopes of a big rise in car sales in October thanks to a steep drop in prices and the rollout of new models have been dashed, spreading more gloom about the sector’s health.
In the first half of the year, the number of cars imported to Vietnam increased by 500 percent, while some models saw a sharp increase of 650 percent compared with the same period last year.
CBU (complete built unit) imports have been flooding the Vietnamese market while domestic factories have cut output, raising concerns among car part manufacturers that they may lose jobs.
Vietnam's automobile market is expected to set a new sales record this year with sales of the Vietnam Automobile Manufacturer Association (VAMA) members and TC Motors averaging nearly 32,000 cars each month in January-September.