In November, domestic car consumption decreased markedly and was different from the same period in previous years. The main reason comes from the bank’s policy of tightening credit room.

According to a report from VAMA (Vietnam Automobile Manufacturers Association) announced on December 13, sales of the entire auto market in November reached 36,371 vehicles, down by 0.5% compared to October and 6% year-on-year in November.

In which, the number of passenger cars sold was 29,750 vehicles (up 5% compared to October); commercial vehicles were 6,455 vehicles (down by 19%); 166 specialized vehicles (down by 49%). The number of locally assembled cars sold in November was 18,813 units, down 6% from the previous month. Meanwhile, sales of imported CBU cars were 17,558 units, up 6% from the previous month.

Vietnam’s automobile market from the beginning of the year to November 2022

Analysis of consumption of imported vehicles (CBU) and assembled vehicles (CKD) by month

Based on the chart of vehicle consumption analysis above, the auto market in November has shown signs of slowing down.

At the beginning of year, the auto market experienced a hot growth in May thanks to the Government’s preferential policy to reduce registration fees by 50% for domestically assembled cars. But right after, car consumption in Vietnam dropped sharply in June and only gradually became active again from September until now.

Adding the car sales of Hyundai Thanh Cong Group with 7,543 cars and Vinfast selling 594 electric cars, the total car sales of the whole country in November will be 44,508 vehicles.

Accumulated from the beginning of the year to November, the total car consumption according to the VAMA report is 369,334 vehicles. Counting sales from non-VAMA brands, the Vietnamese auto market has far exceeded the milestone of 400,000 vehicles.

The best-selling passenger car brands in November continues to be Toyota with 8,678 units sold, with Hyundai trails behind at No. 2 with 7,543 vehicles. KIA brand sold 5,090 vehicles, ranked 3^rd; Mazda sold 3,492 vehicles, at No. 4, and No. 5 belonged to Mitsubishi with 3,441 vehicles.

Although in December 2022, the State Bank has decided to increase the credit room by 1.5% – 2%, but with the priority given to sectors such as manufacturing, agriculture, and real estate, it will be difficult to get an optimistic signal for the auto market. Therefore, it is forecast that from now until Lunar New Year, more car manufacturers will have to offer promotions to boost sales. This is also a good opportunity to buy a car for people with efficient financial resources.

Source: vietnamnet.vn