Car sales in Vietnam surge 15% in October

The number of cars sold in Vietnam in October increased by 22% month-on-month and 15% year-on-year to 33,254 units, which came on the back of strong growth of 32% inter-monthly in the sales volume in September, according to data released monthly by the Vietnam Automobile Manufacturers Association (VAMA).

The volume included 25,339 passenger cars, up 23% inter-monthly; 7,528 commercial cars, up 17%; and 387 special-purpose vehicles, up 71%. 

Number of car sales in January-October. Source: VAMA.

As many as 20,498 locally assembled cars were sold in October, up 15% against the previous month, and 12,756 imported cars were sold, up 35%.

However, car sales in Vietnam in the January–October period dropped 18% year-on-year to 212,409 units across all segments. Upon breaking down, 155,663 were passenger cars, down 18% year-on-year; 53,711 were commercial vehicles, down 17%; and 3,035 were special-purpose vehicles, down 32%. 

Sales of domestically assembled cars reached 134,797 units during the period, down 12% compared to the same period of last year, while imported completely-built-units (CBUs) totaled 77,612 units (-26%).

Truong Hai Auto Corporation (Thaco) led the market in the first ten months with 71,144 units sold, down 5% year-on-year and accounting for 34.8% of the total sales number, followed by TC Motor with 57,039 and Toyota with 49,950.

Sales of imported cars down 26% year-on-year in January - October period. Source: VAMA.

Car imports surge

Data from the General Department of Vietnam Customs showed the number of imported cars surged 43.4% month-on-month in September to 12,670 units, worth US$256 million. Notably, 94% of imported cars in Vietnam in September came from Thailand, Indonesia and China, with the corresponding volumes of 6,523, 4,574 and 796 units.

Overall, 66,465 cars were imported into Vietnam between January and September for US$1.47 billion, down 37.2% year-on-year in volume and 38.2% in value.

Customs statistics also showed that car accessories and parts worth US$2.66 billion were imported into Vietnam in the January–September period, down 13.5% year-on-year. Suppliers of those products were mainly from Japan, Thailand, China, and South Korea.

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