BUSINESS Updated at 14:32:17 07/13/2020  (Views:  64 )
Automobile market on recovering

Automobile market on recovering track: VAMA

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

Illustrative image (Source: VNA)

According to the association, the highest rise was seen in sales of passenger cars at 35 percent to 17,584 units, followed by special-use cars with 18 percent to 309 units, and commercial cars at 5 percent 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 percent, along with 8,155 imported units, a rise of 21 percent over the previous month.

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

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 VinFast also sold 2,170 units.

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

Source: VNA

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