The number of cars sold in Vietnam in the first two months rose by 21% year-on-year to more than 40,000 units, which has been a reflective of the upward trend of economic performance, according to data released monthly by the Vietnam Automobile Manufacturers’ Association (VAMA).

Number of car sales. Source: VAMA

The volume included over 30,000 passenger cars, up 19% year-on-year, while the remaning were commercial cars with 9,500 commercial cars, and special-purpose vehicles with 470 units.  

As many as 23,120locally assembled cars were sold in the period, up 11% against the previous month, and the figure of imported cars rose by 37% to 16,900 units.

Truong Hai Auto Corporation (Thaco) led the market in the first two months of 2021 with nearly 15,000 units sold, up 39% year-on-year and accounting for 39.4% of the total sales in the market, followed by TC Motor (9,079) and Toyota (6,848).

The sale figure in February, however, has been on the decline for two consecutive months with a contraction of 22% against the previous month to nearly 13,600 units, in which passenger cars made up a lion’s share of 9,639, or 71% of the total.

Sales of imported cars rose by 37% year-on-year in Jan-Feb. Source: VAMA

Experts have attributed such decline to the resurgence of Covid-19 outbreak in late January, a week-long Tet holiday in the month, as well as the end of the government’s support  program in the 50% reduction in registration fee for domestic cars.

While car dealers remained cautious about the prospect of car market in March, many expected a more positive sale figures for the second quarter given the launch of new car models, scheduled to be around April.