According to the Vietnam Automobile Manufacturers’ Association (VAMA), the entire market recorded sales of 19,243 units in January, a 50% decrease compared to the previous month but an 11% increase from the same period last year. Specifically, passenger and commercial vehicles reached 14,745 units and 4,390 units, respectively, representing a 54% and 31.5% decrease compared to December 2023. On the other hand, specialized vehicles sold 108 units, a 46% decrease.
Automobile demand in Vietnam declined sharply at the beginning of 2024.
VAMA reported that domestic automobile production and assembly sales in the month only reached 9,783 units, a 59% decrease. At the same time, the number of imported cars sold was 9,460 units, a decrease of approximately 36%.
These reports indicate that the business results of car manufacturers are facing difficulties. The two manufacturers with the sharpest decline in January 2024 were Toyota and Hyundai, with a decrease of 70% and 68% respectively compared to the last month of 2023. Notably, Toyota sold only 2,344 cars and Hyundai sold 3,569 units in January 2024.
Automobile market experts believe that January is a period close to the Lunar New Year, and customers’ money will be used for essential shopping items for the holiday, rather than focusing on owning cars like in December 2023.
At the same time, some car manufacturers are rearranging their supply sources to be more suitable for business realities. This has resulted in a limited supply of cars in the first month of the year to meet customer demands. However, all dealerships expect the market to stabilize soon.
