Auto sales plunge despite registration fee cut by half
2023 was a challenging year for the Vietnamese automobile market as sales fell 25% year-on-year despite a 50% cut in the registration fee from July 1, according to the Vietnam Automobile Manufacturers Association (VAMA).
2023 was a challenging year for the Vietnamese automobile market. (Photo: VNA)
Hanoi (VNA) – 2023 was a challenging year for theVietnamese automobile market as sales fell 25% year-on-year despite a 50% cut in the registration fee from July 1, according to the Vietnam AutomobileManufacturers Association (VAMA).
The VAMA said on January 10 that its members soldonly 301,989 vehicles in the year, with the sales of domestically-assembledautomobiles declining 20% to 181,380 units, and the number of importedcompletely built-up autos dropping 32% to 120,609.
Experts blamed economic headwindscaused by the COVID-19 pandemic and unprecedented socio-political developmentsacross the globe over the past time.
Toyota led sales at 57,414 units, followed byKia 40,733, Ford 38,322, Mazda 35,632, Mitsubishi 30,894, andHonda 23,802.
Earlier, the association described the registration fee cut for locally-made or assembled cars and increasing demand inthe end of the year as a driving force for auto dealers and producers to regainsales growth momentum.
In fact, the auto market saw rosy recovery inDecember, the last month that the Government’s registration reduction wasapplied, with 38,740 units sold, up 39% from the previous month.
As for 2024, economic recovery and better demandare said to be in store for the auto market, experts said, adding dealersand producers should𝓰 capitalise on all opportuni🉐ties to renew their businessstrategy and improve competitive edge./.
Members of the Vietnam Automobile Manufacturers Association (VAMA) sold 22,540 vehicles in August, down 9% compared to the previous month, VAMA has reported.
Honda Vietnam on October 11 reported its increases of 24.3% and 78.5% in sales of motorbikes and automobiles, respectively, in September from the previous month.
November was the second consecutive month that the auto market went sideways, reported the Vietnam Automobile Manufacturers’ Association (VAMA) on December 12.
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2023 was a challenging year for the Vietnamese automobile market. (Photo: VNA) 
