31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Trade - Service
Car sales in Vietnam surge 22% in November
12:44, 2020/12/11
Car sales in Vietnam in the January–November period dropped 14% year-on-year to 246,768 units across all segments.

The number of cars sold in Vietnam in November increased by 9% month-on-month and 22% year-on-year to 36,359 units, which came on the back of strong growth of 22% inter-monthly in the sales volume in October, according to data released monthly by the Vietnam Automobile Manufacturers' Association (VAMA).

 Number of car sales in January-November. Source: VAMA. 

The volume included 28,755 passenger cars, up 13% inter-monthly; 7,122 commercial cars, down 5%; and 482 special-purpose vehicles, up 25%. 

As many as 23,509 locally assembled cars were sold in November, up 15% against the previous month, and 12,850 imported cars were sold, up 0.7%.

However, car sales in Vietnam in the January–November period dropped 14% year-on-year to 246,768 units across all segments. Meanwhile, sales of domestically assembled cars reached 158,306 units during the period, down 7% compared to the same period of last year, while imported completely-built-units (CBUs) totaled 90,462 units (-24%).

Truong Hai Auto Corporation (Thaco) led the market in the first eleven months with 84,858 units sold, up 2% year-on-year and accounting for 35.5% of the total sales number, followed by TC Motor with 68,062 and Toyota with 59,394.

The market expects the number of car sold in the final month of this year to exceed that of in November, as the government's policy of 50% reduction in the registration fee for domestically-produced cars is set to expired by year-end. 

That policy, along with other sales promotion program during the final festive period of the year, is expected to further heat up the domestic car market. 

   Sales of imported cars down 24% year-on-year in January - November period. Source: VAMA. 

92% of car imports from Thailand, Indonesia and China

Data from the General Department of Vietnam Customs showed the number of imported cars increased by 7.8% month-on-month in October to 13,653 units, worth US$283 million.

Notably, 92% of imported cars in Vietnam in October came from Thailand, Indonesia and China, with the corresponding volumes of 7,599, 4,048 and 918 units.

Overall, 80,110 cars were imported into Vietnam between January and October, down 33.8% year-on-year.

Car making is considered a key industry in Vietnam, accounting for approximately 3% of national GDP. However, the industry has severely been impacted by the Covid-19 pandemic. Viet Dragon Securities Company predicted a decline of 15% made-in-Vietnam cars in sales volume this year.

TAG: Vietnam car sales covid-19 coronavirus nCoV pandemic VAMA CBU cars imports Thailand Indonesia China
Other news
13:32, 2023/32/06
Hanoi eyes 7% GRDP growth in 2023
Hanoi aims to maintain macroeconomic stability and control inflation while promoting new growth drivers and enhancing its economic resilience.
15:36, 2023/36/03
Hanoi creates favorable conditions for expansion of gas stations
Gas stations throughout the city are expected to provide clean energy and car wash services to protect the city's environment and promote a green transition.
15:51, 2023/51/31
Vietnam is 10th worldwide in remittance
Vietnam receives total US$19 billion worth of remittances in 2022, up 5.5% on-year.
10:05, 2023/05/31
Vietnam posts trade surplus of US$3.6 billion in January
The US remained Vietnam’s largest export market, with a revenue of $7.6 billion, while China was the top supplier of imported products at $8.1 billion.
21:39, 2023/39/28
Vietnam spends US$9 billion on oil imports in 2022
South Korea was the largest petroleum supplier of Vietnam, with 3.22 million tons, up 96% year on year.
20:05, 2023/05/26
Vietnam set for robust economic growth in 2023: Experts
The country’s economic performance next year will remain solid despite strong headwinds.