Domestic car sales to rise before Tet holiday: experts
Vietnam’s automotive market is expected to see car sales rise during the holiday season, as the industry continues to recover after sluggish sales during the global pandemic, according to experts.
According to the Vietnam Automobile Manufacturers’ Association (VAMA), sales volume of automobiles in Vietnam reached 36,560 units in October, an increase of 9.3% over September and 22.7% against the same period last year.
The number of passenger cars sold increased by 10% from the previous month to 28,230 units. Deliveries of commercial vehicles grew by 6% to 8,003 units, while deliveries of special-purpose vehicles rose by 4% to 327 units.
Meanwhile, there were 20,051 completely knocked-down (CKD) vehicles and 16,509 completely built units (CBUs) sold in October, a rise of 17% and 1%, respectively, compared to last month.
In total, 397,457 vehicles were sold by VAMA members in the first 10 months of 2022, up 52% from the same period last year. Auto sales could exceed 400,000 for the first time in eight years.
Apart from car sales of VAMA’s members, Vietnam’s automotive market also saw strong sales of car manufacturers such as Audi, Jaguar, Land Rover, Mercedes-Benz, Nissan, Subaru, Volkswagen and Volvo as well. However, they did not make public their sales figures.
Other car manufacturers, such as Hyundai and VinFast, recorded combined sales of 10,000 cars per month. If those figures are added, Vietnam’s car sales would surpass the 400,000-unit mark for the first 10 months of the year.
Experts said Vietnam’s macroeconomic stability, increasingly stable car supply and impressive sales of many newly released models will continue to help the local auto market maintain its growth in upcoming months.
The domestic auto market is expected to remain robust in the remaining months this year as it enters the peak season in preparation for coming Tet (Lunar New Year 2023).
Dealers have been giving discounts for the end-of-year holiday season and Tet, Vietnamese biggest holiday, which falls in late January in 2023.
The Vietnam Motor Show 2022 from October 26-30 also contributed to the increase in auto sales in the 10-month period as a record number of nearly 2,000 units were sold and thousands more were pre-ordered thanks to the show, indicating a revival in demand after two years of sluggishness due to COVID-19.
In addition, many automakers have recently released new models to prepare for the year-end high season.
According to General Director of Ford Vietnam, Ruchik Shah, the positive sales for Vietnam’s car market reflect a recovery after COVID-19. In addition, the fourth quarter of every year is always the best sales time for local dealers.
