New car or truck revenue in Vietnam greater by just about 16% to 31,607 units in October 2020 from 27,271 models in the similar month of past calendar year, in accordance to wholesale facts released by the Vietnam Automotive Manufacturers Affiliation (VAMA).
The automobile industry appears to be like to be recovering from a sharp decrease earlier in the 12 months, right after gross sales began to stabilise in the third quarter following an pretty much 30% drop in the first 50 % of the 12 months. Vietnam has averted falling into economic downturn this yr many thanks to early motion to control the distribute of the COVID-19 pandemic, which has helped the domestic economic system start off to normalise in the 3rd quarter.
GDP progress is believed to have expanded by 2.6% in the third quarter, following developing by .4% in the 2nd quarter and by 3.7% in the first quarter, lifted by a surge in exports as the state benefited from the trade war involving China and the US. Limitations on international tourism continue to be a considerable drag on the overall economy, nonetheless.
New motor vehicle product sales in the initial 10 months of the yr declined by just around 17% to 204,144 units from 246,509 units a 12 months before, together with an 18% fall in passenger vehicle profits to 151,660 units and a 16% decrease in commercial automobile sales to 52,484 models.
Truong Hai (Thaco) team, the neighborhood assembler and distributor of brand names these types of as Kia, Mazda and Peugeot and a major participant in the business vehicle segment, described an practically 5% fall in group profits to 71,144 models YTD. This consists of a 6% increase in Kia gross sales to 25,090 models and a 14% fall in Mazda profits to 23,370 units.
Toyota’s gross sales declined by shut to 22% to 49,950 models calendar year to date while Mitsubishi Motors sales have been down by 12% at 20,354 units and Honda sales dropped by 33% to 18,258 models.
