Automobile market on recovering track: VAMA

Members of the Vietnam Automobile Manufacturers’ Association (VAMA) sold 24,002 automobiles in June, up 26% compared to the previous month but down 13% year on year.

Illustrative image (Photo: VNA)
Illustrative image (Photo: VNA)

According to the association, the highest rise was seen in sales of passenger cars at 35% to 17,584 units, followed by special-use cars with 18% to 309 units, and commercial cars at 5% to 6,109 units.

VAMA commented that the increase manifested signs of recovery of the automobile market after COVID-19 pandemic.

In the month, 15,874 domestically–assembled automobiles were sold, up 43%, along with 8,155 imported units, a rise of 21% over the previous month.

In the first six months of 2020, VAMA member companies sold 107,183 automobiles of all kinds, down 31% year on year, with sharpest fall recorded in sales of special-use cars at 40%, while sales of passenger cars dropped by 32% and commercial cars 25%.

However, experts held that the figures do not show the whole market situation as they did not include sales of many brands that are not members of VAMA such as Audi, Jaguar Land Rover, Mercedes-Benz, Subaru, Volkswagen, Volvo and TC Motor.

In June, TC Motor sold 5,613 automobiles, while VinFastalso sold 2,170 units.

Experts also predicted that the reduction of 50% of registration tax for domestically-assembled automobiles and promotion programmes in the coming months, the automobile market will further expand.