Automobile sales in Vietnam posted a month-on-month increase of 30 percent and a year-on-year increase of 6 percent in November, announced the Vietnam Automobile Manufacturers’ Association (VAMA).
Automobile sales in Vietnam post a month-on-month increase of 30 percent and a year-on-year increase of 6 percent in November (Photo: VNA)
Hanoi (VNA) – Automobile sales in Vietnam posted a month-on-month increase of 30 percent and a year-on-year increase of 6 percent 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 percent, 8 percent and 39 percent, 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 percent over the same period last year.
Experts said that the increase of 30 percent in car sales last month and the 37 percent 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 percent 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 percent on registration fees, importers and distributors have applied support from 50 percent to 100 percent 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 Y🅷ear) holiday./.
The domestic auto market is expected to grow further in the remaining months of this year after expanding up to 120 percent in October, experts have said.
VinFast Trading and Service Limited Liability Company, a subsidiary automaker of Vietnamese conglomerate Vingroup, enjoyed a month-on-month increase of 15.3 percent in sales in November, to 3,829 vehicles.
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This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
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The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
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The event has gathered over 400 exhibitors from 16 countries and territories, with more than 980 booths showcasing a wide range of products and technologies in automotive components, electronics, repair and maintenance, bodywork, accessories, and customisation.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
Automobile sales in Vietnam post a month-on-month increase of 30 percent and a year-on-year increase of 6 percent in November (Photo: VNA)
