Auto sales in Vietnam down 22.7% in October

According to the Vietnam Automobile Manufacturers Association (VAMA) report issued on November 10, automobile sales (including non-VAMA manufactures) in Vietnam were down 22.7% year on year to 21,868 units in October.
CKD volume was 15,498 units, and CBU volume was 6,370 units.
VAMA members (20 manufactures) sales in October were down 17.5% to 20,156 units. VAMA members passenger car sales were down 23.3%, commercial vehicles were down 3.8%, and special purpose vehicles were down 40.5%.
By brand sales in October based on MarkLines Data Center figures, Truong Hai was down 35.3% to 4,554 units. Toyota (excluding Lexus) was down 20.5% to 4,397 units. VinaMazda was down 6.8% to 2,612 units. Ford was down 6.1% to 2,282 units. Honda was down 18.9% to 1,011 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 better prices.
YTD sales in Vietnam were down 9.3% to 220,121 units. YTD CKD sales were down 14.3% to 157,221 units, while CBU sales were up 6.1% to 62,900 units.