According to the Vietnam Automobile Manufacturers Association (VAMA) report issued on August 8, automobile sales (including non-VAMA manufactures) in Vietnam were down 26.2% year on year to 20,662 units in July.
CKD volume was 14,779 units, and CBU volume was 5,883 units.
VAMA members (20 manufactures) sales in July were down 21.3% to 19,345 units. VAMA members passenger car sales were down 25.2%, commercial vehicles were down 14.6%, and special purpose vehicles were down 25.2%.
By brand sales in July based on MarkLines Data Center figures, Truong Hai was down 30.7% to 4,942 units. Toyota (excluding Lexus) was down 17.0% to 4,291 units. Ford was down 9.8% to 2,440 units. VinaMazda was down 37.4% to 1,881 units. Honda was up 2.1% to 1,134 units.
In line with ASEAN Trade in Goods Agreement, Vietnam lowered the tariff on the CBU imports from ASEAN countries from 40% to 30% in January 2017. The zero-tariff policy for car imports from ASEAN nations will go into effect on January 1, 2018.
Vietnamese automakers and importers have been racing to reduce the price of many models in recent months. However, customers are waiting for prices to drop even further.
YTD sales in Vietnam were down 5.5% to 154,930 units. YTD CKD sales were down 10.4%, while CBU sales were up 9.0%.