Tet holiday sends February car sales in Vietnam plunging 61% m/m
Last month`s decline came after a 24% year-on-year jump in January and brought cumulative year-to-date sales to 43,242 units, up 14.4% on the 37,797 units sold in the same period of last year.
A long period of Tet Holiday in February caused car sales Vietnam decline by 61% month-on-month to 13,143 units, however, the number remained 6% higher year-on-year, according to a monthly report by Vietnam Automobile Manufacturers Association (VAMA).
Illustrative photo.
|
A slump in the number of car sales in February was considered due to the nine-day Tet or Lunar New Year holiday as reported by local media.
Last month's decline came after a 24% year-on-year jump in January and brought cumulative year-to-date sales to 43,242 units, up 14.4% from the same period of last year.
Sales of passenger vehicle were up by 29% to 34,908 units in the first two months of 2019 from 27,067 units in the equivalent period of last year, while commercial vehicle sales fell by 22% to 8,334 units from 10,730 units.
Sales of domestically assembled cars reached 7,685 units last month, down 59% compared to last month, while imported completely-built-units (CBUs) were 5,458 units, down 63%.
However, the mentioned figure did include 3,924 cars sold by Hyundai Thanh Cong, which is not a member of VAMA.
Truong Hai Auto Corporation (Thaco), the local assembler and distributor of Kia, Mazda, Peugeot and Hyundai, and a significant player in the commercial vehicle segment, reported an almost 12% drop in group sales to 14,549 units in the two-month period. Mazda sales were down by 2.7% to 6,854 units, while Kia sales remained flat at 4,936 units.
Toyota remained the leading vehicle brand in the country in January and February with sales rebounding by almost 24% to 9,899 units from weak year-earlier volumes, while Honda's sales jumped by 165% to 5,973 units. Ford's sales also rebounded strongly, by almost 43% to 4,999 units, while GM's sales plunged to 392 units from 1,812 units, however.
08:41, 2025/01/11
Vietnam-Laos Industrial Park: New direction to strengthen bilateral ties
Numerous Vietnamese projects in various sectors have effectively contributed to Laos' development, creating jobs and improving the livelihoods of tens of thousands of local workers.
22:19, 2025/01/09
Hanoi's foreign trade turnover hits US$60.1bn in 2024
The city will continue to support businesses in exploring new markets, capitalizing on the Free Trade Agreement of which Vietnam is a member.
11:46, 2025/01/09
Vietnam confident of achieving 8% growth rate in 2025
Key drivers of Vietnam’s growth include institutional reforms and decentralized governance.
14:34, 2024/12/26
UK’s accession to CPTPP to benefit Vietnam’s exports in 2025
Vietnam, in particular, will gain further access to a high-quality market, complementing its connections with Japan, Canada, and Australia.
16:41, 2024/12/16
Hanoi seeks greater efficiency in e-commerce tax management
Hanoi's e-commerce tax administration is expected to be significantly tightened in the near future.
17:34, 2024/12/15
Hanoi's wet markets in decline amid changing consumer behaviors
Local consumers prefer shopping options that offer convenience and assurance of product origin.