Car dealers are offering huge incentives for customers to promote sales as the economic impacts from the pandemic persist and the lunar month of July is around the corner.
The Vietnam Motor Show 2020, scheduled for October 29 – November 1, will be cancelled due to the complicated developments of COVID-19, announced the Vietnam Automobile Manufacturers’ Association (VAMA) and the Vehicles Importers Vietnam Association (VIVA) on August 4.
Honda, Toyota, BMW, Mitsubishi, and Suzuki are the five most googled car brands in Vietnam, market research firm iPrice said.
Members of the Vietnam Automobile Manufacturers’ Association (VAMA) sold 24,002 automobiles in June, up 26% compared to the previous month but down 13% year on year.
Many insurers have lowered their profit targets, finding it harder to sell non-life insurance products as COVID-19 restricts travel, tourism and international trade.
The sales of automobile surged 62% month-on-month in May following the end of social distancing measures, according to the Vietnam Automobile Manufacturers’ Association (VAMA).
Automobile sales totalled just over 11,700 units in April, down 39% against March, the Vietnam Automobile Manufacturers’ Association (VAMA) reported on May 12.
Vietnam imported 60,000 cars in April, a decrease of 50.6% compared with the previous month, according to the General Department of Customs.
The Vietnam Automobile Manufacturers’ Association (VAMA) recently announced that its members’ March sale was 19,154 units, 8% higher than the figure recorded in February.
Toyota Vietnam and Honda Vietnam posted the best car sales in March among members of the Vietnam Automobile Manufacturers Associations (VAMA) though both reported year-on-year drops in this regard.
Vietnam Automobile Manufacturers’ Association (VAMA) has proposed the Government reduce value-added tax (VAT) and registration fees for car customers by 50%, reports vietnamnet.vn.
The spread of the COVID-19 pandemic in almost all countries and territories worldwide is likely to force automobile manufacturing and assembly firms in Vietnam to scale down operations and even close their factories.
The Vietnam Automobile Manufacturers’ Association (VAMA) reported on March 11 that its members sold 17,616 vehicles in February, a month-on-month increase of 11%.
Nearly 400,000 cars were sold in the Vietnamese market in 2019 thanks to valuable gift and discount programmes, which were launched at the beginning of the year, said the Vietnam Automobile Manufacturers’ Association (VAMA).
The year of 2019 was a difficult period for Vietnam’s auto market, but also marked positive performances of most local car producers.
Car sales in November failed to meet expectations even though the year-end shopping season has started and despite various discounts of up to hundreds of millions of dong.
Hopes of a big rise in car sales in October thanks to a steep drop in prices and the rollout of new models have been dashed, spreading more gloom about the sector’s health.
In the first half of the year, the number of cars imported to Vietnam increased by 500 percent, while some models saw a sharp increase of 650 percent compared with the same period last year.
Vietnam needs to issue special policies for the automobile industry to catch up with other countries in the ASEAN region, said experts at a conference held in Hanoi on October 22.
Even weaker economies with less developed industries can threaten Vietnam's auto industry due to its low localization rate, the Trade Ministry said.