Auto sales in Vietnam up 50.4% in February [ Vietnam ]
According to the Vietnam Automobile Manufacturers Association (VAMA) report issued on March 8, automobile sales (including non-VAMA manufactures) in Vietnam were up 50.4% year on year to 17,621 units in February.
CKD volume was 14,560 units, and CBU volume was 3,061 units.
VAMA members (20 manufactures) sales in February were up 53.6% to 17,156 units. VAMA members passenger car sales were up 53.1%, commercial vehicles were up 48.9%, and special purpose vehicles were up 89.1%.
By brand sales in February based on MarkLines Data Center figures, Truong Hai was up 102.5% to 5,882 units. Toyota (excluding Lexus) was up 51.2% to 3,579 units. Ford was up 23.4% to 1,881 units. VinaMazda was up 44.7% to 1,816 units. GM Vietnam was up 79.7% to 825 units.
In line with ASEAN Trade in Goods Agreement, Vietnam lowered the tariff on the CBU imports from ASEAN countries from 40% to 30%.
A growing middle-class population, rising disposable incomes and falling tariffs on cars imported from neighboring countries in Southeast Asia appear to be driving Vietnam’s car market. VAMA expects the Vietnamese vehicle market in 2017 will grow by 10%.