According to a report from the Vietnam Automobile Manufacturers Association (VAMA) released on September 13, the Vietnamese car market was less active in August, with total sales reaching 25,196 vehicles. This represents a 13% decrease from the previous month, though it marks a 12% increase compared to August 2023.

In August, sales included 19,129 passenger cars, 5,901 commercial vehicles, and 166 specialized vehicles. Passenger car sales decreased by 16%, commercial vehicle sales increased slightly by 1%, and specialized vehicle sales fell by 23% compared to July.

Regarding the supply structure, sales of domestically assembled vehicles totaled 12,064 units, a 13% decrease from July. Sales of imported vehicles were 13,132 units, also a 13% decrease from the previous month. This marks the fourth consecutive month in which imported vehicle sales have surpassed those of domestically produced and assembled vehicles.

Hyundai Thanh Cong Auto Joint Venture reported Hyundai's sales at 4,679 units in July, a 12.2% decrease from June but a 48.8% increase from the same period in 2023.

Combining VAMA members' and Hyundai Thanh Cong’s sales figures, the total number of vehicles sold in August is estimated at 29,875, marking a 12.8% decrease from July’s combined sales of 34,249 units but an 18.1% increase compared to August 2023.

For the first eight months of 2024, total market sales (combining VAMA and Hyundai Thanh Cong data) reached 223,389 vehicles, a slight 2.5% increase from the same period in 2023.

In August, Toyota maintained its lead with 4,700 units sold, followed by Hyundai with 4,679 units; Mitsubishi with 4,091 units; Ford with 3,270 units; Mazda with 2,509 units; KIA with 2,247 units; and Honda with 1,160 units. Mitsubishi Xforce continued to be the best-selling model with 2,504 units sold, a 43.2% increase from the previous month.

Experts anticipate a market rebound in September, as the Ghost Month ends and with the government's new incentive offering a 50% reduction in registration fees for domestically produced and assembled cars from September to November 2024.

Hoang Hiep