Car sales in Vietnam bounce back in September
admin 15-10-2020, 08:55

The number of cars sold in Vietnam increased by 32% month-on-month but slipped 2% year-on-year to 27,252 units in September, a significant improvement compared to a 14% decline in the sales volume in August, according to data released monthly by the Vietnam Automobile Manufacturers Association (VAMA).

Car sales in Vietnam bounce back in September
 Number of car sales in January-September. Source: VAMA. 

The volume included 20,630 passenger cars, up 34% inter-monthly; 6,396 commercial cars, up 29%; and 226 special-purpose vehicles, down 16%. 

As many as 17,826 locally assembled cars were sold in September, up 28% against the previous month, and 9,426 imported cars were sold, up 41%.

However, car sales in Vietnam in the January–September period dropped 22% year-on-year to 179,155 units across all segments. Upon breaking down, 130,324 were passenger cars, down 23% year-on-year; 46,183 were commercial vehicles, down 20%; and 2,648 were special-purpose vehicles, down 36%. 

  Sales of imported cars down 33% year-on-year in January – September period. Source: VAMA. 

Sales of domestically assembled cars reached 114,299 units during the period, down 17% compared to the same period of last year, while imported completely-built-units (CBUs) totaled 64,856 units (-33%).

Truong Hai Auto Corporation (Thaco) led the market in the first nine months with 59,709 units sold, down 11% year-on-year, followed by TC Motor with 49,200 and Toyota with 41,109.

Data from the General Department of Vietnam Customs showed the number of imported cars surged 85.6% month-on-month in August.

Overall, 53,800 cars were imported to Vietnam between January and August for US$923 million, down 43.4% year-on-year in volume and 43% in value. Notably, 83% of imported cars in Vietnam in the January-August period came from Thailand and Indonesia, with the corresponding numbers of 24,700 and 20,300, down 56% and 28% year-on-year, respectively.

Car making is considered a key industry in Vietnam, accounting for approximately 3% of national GDP. However, this industry has severely been impacted by the Covid-19 pandemic. Viet Dragon Securities Company predicted a decline of 15% in sales volume this year.