For the first time in decades, the domestic automobile market surpassed half a million vehicles sold in 2022.

By the end of 2022, the year with 8.02% GDP increase, which is the highest in the past 12 years and the highest in the region, the number of new cars sold in Vietnam reached a record of 508,547 units. This includes 404,635 vehicles from VAMA and importers, 81,582 vehicles of TC Motor, and 22,924 vehicles of VinFast (excluding numbers from September and October that were unreleased by the company).

At its peak vibrance, the market sold more than 400,000 vehicles in 2020. Other years were approx. 300,000 vehicles.

2022 is the year when the market recovers its purchasing power after the Covid-19 pandemic. Although the supply in the first half of the year was difficult, the market was lifted by the high demand in the remaining half. Sales of more than 400,000 vehicles of VAMA and other importers are equivalent to an increase of 33% compared to 2021.

Similar to VAMA, TC Motor also have sales grew by 15% compared to the same period last year. VinFast had a change in product strategy, stopped producing gasoline models to switch to electric cars, which caused their sales to decrease by 38%.

In December alone, sales of VAMA and importers decreased slightly by 3% compared to November. The market is usually vibrant and sees high purchasing power near Tet, but this year is different. “The impact of tightened credit room despite making barring the breakthrough by the end of the year, the big picture seems better than before” said the sales manager of a Toyota dealer in Ho Chi Minh City.

The number of over half a million vehicles mentioned above does not fully express the volume of new cars sold on the market since many companies are not in VAMA or do not publish sales data. However, sales of these companies are considered not significant compared to big brands in the market such as Toyota, Kia, Hyundai…

New car sales reaching a record level result in Vietnam being among four of the largest markets in Southeast Asia. Sales of half a million vehicles in Southeast Asia are only achieved in Thailand, Indonesia, and Malaysia. For Thailand and Indonesia, in the years before the Covid-19, sales were more than 1 million vehicles. Meanwhile in Malaysia, yearly number of cars sold is about 500,000-600,000 vehicles.

The purchasing power growth of Vietnam’s automobile market ranked second highest in Southeast Asia, only after Malaysia. According to experts, the potential of Vietnam’s automobile market is huge and will continue to develop in the coming years. More and more automakers are appearing in Vietnam directly or indirectly through their partners selling imported cars or building long-term factories. Skoda, Chery are recent typical examples.

Source: vnexpress.net