Domestic automobile market is currently facing a situation of high supply and low demand. This has resulted in a decline in sales and an excess of inventory for carmakers.
The decline in domestic automobile consumption and its drop to fifth place in Southeast Asia can be attributed to both external and internal factors, according to industry insiders.
The recent decline in Vietnam’s automobile consumption and its drop to the fifth place in Southeast Asia can be attributed to both external and internal factors, car experts said.
The Ministry of Industry and Trade supporting the reduction of automobile registration fees is considered to have a positive effect on the auto industry in the context of the automobile market facing many difficulties.
While normally a positive time for car sales, this year the domestic automobile market is seeing gloomy days as Tet approaches, according to local car experts.
Vietnam’s automotive market is expected to see car sales rise during the holiday season, as the industry continues to recover after sluggish sales during the global pandemic, according to experts.
The Vietnam Automobile Manufacturers’ Association (VAMA) reported that its members suffered a decline in sales for the second consecutive month in February, with 22,802 cars sold units, or a 26% decrease.
As many as 30,742 cars were sold in Vietnam in January, a decline of 34% compared to the previous month, according to a monthly report issued by the Vietnam Automobile Manufacturers Association (VAMA) on February 15.
VOV.VN - Statistics compiled by the General Department of Vietnam Customs reveal that Thailand continued to dominate Vietnamese car imports last year.
The automobile market has become bustling again after the Government cut by 50% the vehicle registration tax.