The VAMA’s 16 leading automakers sold 4,044 vehicles in October, a whopping 176 units over September, representing 10 percent from the same period last year.

Udo Loersch, chairman of VAMA said that sales volumes among VAMA members indicated a sharp rise in October, with improved sales in commercial sector seeing a 62 percent jump over October 2005.

Some 1,796 commercial vehicles were sold in the month; 1,394 multi-purpose vehicles (down 11 percent on last year); and 854 passenger cars (down 13 percent), VAMA reported.

The chairman said auto sales in Jan-Oct were still lower than the same period in 2005, with demand for passenger vehicles declining by 42 percent even as the market is showing signs of recovery.

However overall sales volumes in the first ten months were nearly 26,900 units, down 3 percent year-on-year.

Toyota Vietnam again remained atop the market fuelled by demand for its multi purpose vehicle Innova with more than 10,963 units sold, making up 35.4 percent of the market share.

The runner-up was Truong Hai  who moved over 4,291 units or 13.9 percent of the total backed by demand for light trucks.

Ford Vietnam came in third at 2,937 units representing 9.5 percent of the whole, followed by VinaStar who sold 1,968 units or some 6.4 percent of the market.

Isuzu ranked fifth with 1,954 units and 6.3 percent. Mercedes-Benz sold 1,005 high-end units but held a mere 3.2 percent market share while Honda Vietnam sold 516 units, accounting for 1.7 percent.

Experts see Vietnam’s auto market as idling, despite recent price cuts introduced by local makers as potential buyers await price decreases, fuelled by the impact of WTO entry.

Customers are waiting for new tax policies on brand new cars and used imports to be enacted, thinking the tax adjustment will occur soon after Vietnam joins WTO this November.

Source: VnExpress – Translated by Ha Viet