Auto sales in Vietnam down 6.1% in August

According to the Vietnam Automobile Manufacturers Association (VAMA) report issued on September 11, automobile sales (including non-VAMA manufactures) in Vietnam were down 6.1% year on year to 22,099 units in August.
CKD volume was 15,494 units, and CBU volume was 6,605 units.
VAMA members (20 manufactures) sales in August were up 0.9% to 20,746 units. VAMA members passenger car sales were down 3.7%, commercial vehicles were up 12.8%, and special purpose vehicles were down 33.2%.
By brand sales in August based on MarkLines Data Center figures, Toyota (excluding Lexus) was up 48.3% to 5,794 units. Truong Hai was down 31.4% to 4,301 units. Ford was up 8.0% to 2,292 units. VinaMazda was down 34.5% to 1,905 units. Honda was up 9.8% to 1,113 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 5.8% to 177,037 units. YTD CKD sales were down 10.6% to 126,984, while CBU sales were up 9.1% to 50,053 units.