Vietnam auto sales rebound after consecutive drops

Thanh Nien News

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 An undated photo of an automobile show in Vietnam. Photo: Phong Tran
After falling for two months, auto sales staged a strong recovery last month with a total of 24,802 units sold, more than twice the February figure.
Locally assembled cars accounted for more than 80 percent of the sales, news website VnExpress said Saturday, citing figures from the Vietnam Automobile Manufacturers Association.
Truong Hai Auto Corporation held 44.7 percent of the market share, followed by the local units of Toyota and US carmaker Ford.
Nearly 60,000 units have been sold in the first three months, up 23 percent from a year ago.
Sales dropped 49.4 percent to 11,718 units in February, the lowest in a year. In January there had been a month-on-month decline of more than 21 percent.
Many industry insiders have been quoted as saying in the media that the sharp fall in February was because the country was celebrating the Lunar New Year.
A new tax rule that took effect on January 1 forcing auto importers to increase their prices by 2-13 percent was another reason, they said.
Now luxury tax is calculated on a car’s retail price, unlike previously when it was calculated on their cost, insurance, freight (CIF) price before the addition of duties and markups.
Vietnam posted strong growth of 55 percent last year as sales grew to nearly 244,914 units.

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