return icon Vietnamnet.vn

Vietnam's auto market filled with gloom despite falling prices

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.

{keywords}

A corner of the Vietnam Motor Show 2019

 

 

The Vietnam Automobile Manufacturers’ Association (VAMA) said on November 11 that total car sales in October reached 28,948 units, a slight increase of 4.3 percent compared to September but much lower than the rest of the year.

Of the total number, sales of passenger cars inched up 2 percent to 21,355 vehicles, while figures for commercial and special-purpose vehicles leaped 11 percent and 14 percent to 7,228 and 365, respectively.

Some 16,406 domestically-assembled cars were sold, falling 3 percent month on month, while sales of imported units climbed 16 percent to 12,542.

Toyota continued to lead sales with 7,216 vehicles, followed by Misubishi (3,566 units), Ford (3,114 units), and Honda (3,058 units).

A series of promotions were offered by dealers during October, but experts said they were not attractive enough to entice customers.

Even the Vietnam Motor Show 2019 which took place at late October was unable to have a major impact, with visitors merely browsing the latest models and advanced technologies.

Experts believe the Vietnamese automobile market will rev up at the end of the year and the beginning of 2020 as the Lunar New year nears and demand for cars is high.

During January-October, VAMA members sold a total 259,282 units, a year-on-year increase of 16 percent.

However, the sales figures did not reflect the country’s entire automobile market as they did not include sales of other manufacturers that are not VAMA members. For example, TC Motor sold 7,737 units in October, increasing its total sales in the first ten months to 63,210 units.

Meanwhile, several VAMA members such as Audi, Jaguar, Land Rover, Mercedes-Benz, Subaru, Volkswagen, Volvo and VinFast did not announce their sales figures or did not send sales reports to VAMA./.VNA

Vietnamese automobile manufacturers focus on importing cars, neglect production

Vietnamese automobile manufacturers focus on importing cars, neglect production

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.

Vietnam’s $20 billion automobile market at risk of decline

Vietnam’s $20 billion automobile market at risk of decline

If supporting industries cannot develop and automobile joint ventures continue importing car parts for assembly, Vietnam’s automobile industry will not survive after 2025, analysts say.

MORE NEWS

Over US$34 billion set to pour into Vietnam’s real estate market this year

During the first seven months of 2022, over VND420 trillion (US$18 billion) was pumped into the real estate market. The figure could be raised to VND800 trillion ($34 billion) by the end of the year in case of favorable conditions.

VIETNAM NEWS HEADLINES AUGUST 19

Government offers support to additional 243,000 pandemic-hit labourers

Tourism businesses struggle to get cut-rate loans

Struggling tourism businesses in HCM City are in dire need of credit to recover but are finding it very difficult to access the subsidised loans under the Government’s Decree 31 that took effect in May, according to the city's Department of Tourism.

VIETNAM BUSINESS NEWS AUGUST 19

Ministry of Finance seeks to drop fuel price stabilization fund

Vietnam to tighten management, increase supervision to prevent tax loss

Nowadays online shopping becomes more popular than in-store shopping and more people have taken take full advantage of social networking platforms to put an ad on social network platforms about their products.

Foreign firms required to store users' data in Vietnam

Foreign firms shall be required to store users' data within Vietnamese territory and set up local offices, according to the Government's Decree No. 53/2022/ND-CP scheduled to take place from October 1, 2022.

40 Vietnamese people flee Cambodia's casino

Long Binh Border Gate Station in the southern province of An Giang has just detained 40 Vietnamese people who illegally entered the country by a local river.

Vietnam’s corporate bond market hits over US$11.2 bln in seven months

Vietnamese enterprises issued bonds worth a total ofVND262.25 trillion (more than US$11.2 billion) over the first seven months of 2022, a year-on-year decrease of 10.9 percent, announced the Ministry of Finance.

Foreign traveler suggests 10 most unique Vietnamese cities

Canadian freelance writer Matthew Pike, who departed his homeland to settle in Vietnam, has listed the 10 most unique Vietnamese cities for travelers to visit.

Estate businesses face capital deadlock

To solve the problem of lacking capital, real estate businesses must change to suit the situation. They must focus on the capital market (issuing corporate bonds, stocks).

Thao aims to be first Vietnam's IBA champion

Tran Van Thao hopes to reach another milestone in his career and national boxing by winning the International Boxing Association (IBA) belt next month in HCM City.

VN representative to introduce image of Saint Giong at Man of The Year 2022 contest

Nguyen Minh Khac, Vietnam’s contestant at The Man Of The Year 2022 pageant, disclosed his national costume for the contest on August 17.

A 'miracle' for Vietnam to catch up with Thailand and Malaysia

In 2030, the income of Vietnamese is expected to be equal to that of Malaysia in 2007. Experts calculate that if Vietnam tries its best, it can catch up with Thailand and Malaysia, but it will still be far behind China and South Korea.

Vietnam’s chess star Le Quang Liem defeats World Cup champion for second time

Vietnam’s top chess player Le Quang Liem defeated World Cup champion Jan-Krzysztof Duda of Poland at the FTX Crypto Cup 2022 in Miami, Florida UAS on August 18.

FLC names new vice president to replace Dang Tat Thang

The Board of Directors of FLC Group has approved the resignation of Vice Chairman Dang Tat Thang and elected Mr. Doan Huu Doan to replace Mr. Thang as of August 17.
back_to_top