Automobile sales in Vietnam posted a month-on-month increase of 30% and a year-on-year increase of 6% in November, announced the Vietnam Automobile Manufacturers’ Association (VAMA).
The figure is expected to grow in late 2021 and early next year.
The VAMA has announced that the total market sales of its member units reached 38,656 vehicles in the month. The sales of passenger, commercial and special-purpose vehicles all expanded by 40%, 8% and 39%, respectively, compared the previous month.
VAMA's member units had total sales of 257,390 vehicles in the first 11 months of this year, up 3% over the same period last year.
Experts said that the increase of 30% in car sales last month and the 37% increase in domestically-assembled cars showed that the business picture of automobile businesses continued to thrive.
The growth came as the COVID-19 pandemic was under control, social distancing measures in many provinces and cities across the country were lifted and there was a 50% reduction of registration fees for cars manufactured and assembled in Vietnam applied from the beginning of this month.
For imported CBU cars, although not entitled to a preferential policy of 50% on registration fees, importers and distributors have applied support from 50% to 100% of registration fees or other promotions to attract customers.
Experts also forecast that along with the good control of the COVID-19 pandemic in many provinces and cities, many businesses would continue to operate again, the economic situation would be improved, and car consumption would continue while entering the peak shopping season of the year and traditional Tet (Lunar New Year) holiday.
