Auto sales rebound after consecutive drops
After falling for two months, auto sales staged a strong recovery last month with a total of 24,802 units sold, more than twice the February figure.
Locally assembled cars accounted for more than 80% of the sales, news website VnExpress said on April 9, citing figures from the Vietnam Automobile Manufacturers Association.
Truong Hai Auto Corporation held 44.7% of the market share, followed by the local units of Toyota and US carmaker Ford.
Nearly 60,000 units have been sold in the first three months, up 23% from a year ago.
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Sales dropped 49.4% to 11,718 units in February, the lowest in a year. In January there had been a month-on-month decline of more than 21%.
Many industry insiders have been quoted as saying in the media that the sharp fall in February was because the country was celebrating the Lunar New Year.
A new tax rule that took effect on January 1 forcing auto importers to increase their prices by 2%-13% was another reason, they said.
Now luxury tax is calculated on a car’s retail price, unlike previously when it was calculated on their cost, insurance, freight (CIF) price before the addition of duties and markups.
Vietnam posted strong growth of 55% last year as sales grew to nearly 244,914 units.
