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18 Sep 2023
Although automakers have made efforts to offer high-value promotions (depending on model and version) to stimulate market demand, Vietnam’s automobile market remains gloomy during this period.
According to information from the Vietnam Automobile Manufacturers Association (VAMA), in the first 7 months of 2023, total automobile sales in the whole market from VAMA member units reached 162,014 units, which is equivalent to a 30% decrease compared to the same period last year.
In particular, sales of passenger cars decreased by 34%, commercial ones by 13% and specialized ones by 63%. As a result, the automotive market’s sales declined sharply and lead to that supporting industry and automotive mechanical industries have also been affected significantly.
According to businesses and car dealers, the market purchasing power has declined rapidly beyond expectations, leading to alarming levels of inventory in showrooms and manufacturing plants.
If purchasing power does not improve and the market does not return to growth to reduce inventory pressure, manufacturers will be unable to maintain a stable production rate and will be forced to reduce capacity and labor, which will directly affect the labor and employment situation, therefore affect social welfare.
Besides, the demand for automotive consumption depends on many factors and experiences fluctuations. Therefore, if vehicle registration taxes are reduced, consumers will be the first to benefit from these changes.
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