Many consumers are still waiting for steeper price cuts from January 2018 as tariffs on completely-built-up cars imported from ASEAN nations will fall to zero. (Photo: VIMS)
Hanoi (VNA) – Car sales during January-November of this year fell10 percent year on year to 244,670 units, despite a pickup in November.
For November alone, sales of cars of all kinds went up 13 percent on a monthlybasis, after months of declining, to 24,752 units.
Industry experts said the domestic auto industry is unlikely to achievethe 10 percent growth forecast by the Vietnam Automobile Manufacturers’Association.
The likely failure comes despite car businesses running year-end sales,cutting prices of cars from few dozens to hundreds of millions of VND.
Also, many consumers are still waiting for steeper price cuts from January 2018as tariffs on completely-built-up cars imported from ASEAN nations will fall tozero under the ASEAN Free Trade Agreement.
Automobile sales in 2016 hit a record high in 20 years with total 304,427 unitssold.-VNA
The total automobile sales in the first seven months of 2017 went down 6 percent year-on-year to 154,930 units, the Vietnam Automobile Manufacturers’ Association (VAMA) reported on August 8.
Members of the Vietnam Automobile Manufacturers’ Association (VAMA) sold more than 177,000 cars in the first eight months of the year, down 6 percent from the same time last year.
An increasing proportion of Vietnamese plan to buy a car in the last six months of 2017, catching up with other ASEAN countries, according to the quarterly Financial Times Confidential Research.
Although many carmakers in Vietnam have applied discounts and promotions, car sales in the first eight months of the year dipped 6 percent year-on-year to 177,000 units, according to the Vietnam Automobile Manufacturers’ Association (VAMA).
Automobile traders are suffering tough times due to a slide in prices and sales, though the used-car market has been vibrant even during the seventh lunar month called Thang Co hon (Month of lonely spirits), more than 30 units sold per day.
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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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According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
Many consumers are still waiting for steeper price cuts from January 2018 as tariffs on completely-built-up cars imported from ASEAN nations will fall to zero. (Photo: VIMS) 
