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Oct 15, 2020 / 08:39

Car sales in Vietnam bounce back in September

Car sales in Vietnam in the January–September period dropped 22% year-on-year to 179,155 units across all segments.

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).

 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.