Vietnam’s Car Sales Drop by 32% in First Half of 2023, but Experts Expect Market Recovery
In the first half of 2023, Vietnam experienced a significant decline in car sales, according to the Vietnam Automobile Manufacturers Association (VAMA). The data revealed that total car sales in the January-June period reached 137,327 units, reflecting a 32% decrease compared to the previous year.
Breaking down the figures, the report shows that passenger cars recorded a 37% decline, while commercial vehicles and special purpose vehicles experienced decreases of 11% and 65% respectively. These numbers indicate a challenging period for the Vietnamese automotive industry.
However, industry experts are optimistic about the future. The Vietnamese government’s recent approval of a 50% reduction in registration fees for new cars manufactured and assembled in Vietnam from July 1 is expected to provide a much-needed boost to the market. This initiative is anticipated to stimulate consumer demand and encourage more people to invest in domestic vehicles.
Potential for Market Recovery
Despite the decline in car sales in the first half of the year, there are signs of improvement. In June alone, Vietnam witnessed a 15% increase in vehicle sales, with approximately 23,800 units sold. This positive trend suggests that the market is slowly recovering and gaining momentum.
It remains to be seen how the Vietnamese automotive market will evolve in the coming months. The reduction in registration fees is likely to attract more buyers and stimulate the industry, fostering growth and innovation. As the country continues to navigate the challenges posed by the ongoing global pandemic, the rejuvenation of the automotive sector could play a vital role in boosting economic recovery.
Citing data from the Vietnam Automobile Manufacturers Association (VAMA), Xinhua News Agency reported Vietnam’s car sales in the January-June 2023 period totaled 137,327 units, down 32% year-on-year.
The report says that Sales of passenger cars, commercial vehicles and special purpose vehicles, down 37%, 11% and 65%, respectively.
Experts point out that Since the Vietnamese government has approved a 50 percent reduction in registration fees for new cars manufactured and assembled in Vietnam from July 1, the Vietnamese automotive market is expected to benefit in the coming months.
If counting only in June, vehicle sales in Vietnam were about 23,800 units, up 15 percent from May.
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