Car Sales in Vietnam Soars 71 per cent in January

Car Sales in Vietnam Soars 71 per cent in January

Auto sales by foreign-led manufacturers in Vietnam surged by 71 per cent on-year to 2,370 units in January, according to the Vietnam Automobile Manufacturers Association (VAMA).

The sales increase was high in the first month of this year despite the government's augmentation of the special consumption tax on passenger cars of less than five seats from 24 per cent to 40 per cent this year. VAMA attributed the rise to consumers who paid deposits on new cars late last year in order to avoid the tax rise.

Toyota led the market in the month with sales of 711 units, up by 7 per cent on year, holding 30 per cent of the market share.

GM-Daewoo Auto Co. (Vidamco) and Vinastar followed with 451 units and 337 units, respectively. Last January, Vinastar sold only two units while Vidamco retailed 265 units.

Ford secured the fourth place with 303 units sales, holding 12.8 per cent market share.

Vindaco sold the least with only 14 units while Hino for the first time in years escaped the bottom place with 40 units sold.

Also according to VAMA, eleven foreign-invested automobile manufacturers in Vietnam sold 40,138 automobiles in 2004, down 6 per cent against the year earlier.

* The following table details car sales and market shares of the 11 foreign-invested carmakers in Vietnam in January

(Source: VAMA)