Sixteen members of the Vietnam Automobile Manufacturers Association (VAMA) sold over 3,852 vehicles in January, down 68 per cent on-year, the latest VAMA report showed.
The sales figures, including both domestically produced and imported automobiles, fell 58.5 per cent on-month, according to the report.
January sales were down for all sixteen members. Toyota Vietnam remained the market leader in January with over 1,000 units sold, 27.5 per cent of the total, but this was down 42 per cent on-year.
Low auto sales volume is attributed to the fact that people rushed to buy vehicles late last year for use on the occasion of Tet holidays. Some others, meanwhile, had been aware of the tax cut since late last year and waited until such reduction comes into effect to purchase a car.
Auto sales are up since the value-added tax (VAT) on automobiles was halved from 10 per cent to 5 per cent last week, although January was the worst month in the past several years for automakers.
Lam Van Nga, sales and marketing manager of Honda Auto Cong Hoa, admitted that the tax cut had helped auto sales, but said “it is not enough to create a big increase as the world’s economic slump continues.”
Earlier this week, the Vietnamese government announced that it would cut taxes on imported accessories and components, including those for cars.
Vietnam reportedly spent US$23.6 million importing 1,200 fully assembled vehicles in January compared with US$116.3 million worth of 5,800 vehicles in the same period a year earlier.
Imports of vehicles and parts last month were worth a combined US$69 million, down from US$245 million a year earlier. (
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