Buzz
Vietnam's auto market faces a sluggish start in the first month of the year.
The Vietnam Automobile Manufacturers Association (VAMA) has just unveiled the sales figures of its member units in January 2023. Accordingly, the Vietnamese auto market in the first month of the year witnessed an uncontrollable decline compared to the end of the year and the same period in 2022.
Specifically, the latest statistics from VAMA show that in January 2023, the entire market consumed 17,314 vehicles, a decrease of 51% compared to December 2022 and a decrease of 44% compared to January 2022.
Among the total mentioned above, including 14,036 passenger cars, 3,174 commercial vehicles, and 104 specialized vehicles. Compared to the previous month, sales have sharply declined across all segments. Specifically, passenger car sales decreased by 49%, commercial vehicle sales by 59%, and specialized vehicle sales by as much as 62% compared to December 2022.
Regarding the origin of production, sales of domestically assembled cars reached 8,086 units, down 54% compared to December 2022, while sales of completely imported cars reached 9,228 units, down 48% compared to December 2022.
Sales of both domestically assembled and imported cars have decreased.
Apart from VAMA members, other units also reported unfavorable sales conditions in January 2023. For example, TC Motor - the manufacturer and distributor of Hyundai vehicles in Vietnam, only sold 3,496 vehicles in the first month of the year, a two-thirds decrease compared to the 9,545 vehicles sold in December 2022.
Hyundai Accent leads the sales charts for the brand in January with 1,024 units delivered to customers. Hyundai Grand i10 sold 632 units, Hyundai Creta sold 585 units. Meanwhile, Hyundai Santa Fe achieved sales of 323 units, Tucson with 225 units, Elantra with 213 units, and Hyundai Stargazer reached 182 units. The remaining are commercial vehicle models.
VinFast also released its business results for January 2023, delivering 358 electric cars VF 8 and VF e34 to customers. Among them, including 204 VinFast VF 8 cars and 154 VF e34 cars, marking a significant decrease compared to the total figure of 4,278 cars in December 2022.
Hyundai Accent is the only model to sell more than 1,000 units in January.
Explaining the sharp decline in auto market sales in January 2023, representatives of many companies believe there is no special reason other than the prolonged Tet holiday. Consequently, causing a decrease in purchasing power across all segments in the past January, and hoping for a resurgence in the coming period.
Contrary to the sharp decline in domestic sales, data from the General Department of Customs shows a strong increase in the number of cars imported into Vietnam in the first month of the year. Specifically, in January 2023, the country imported 14,457 completely built-up cars of all kinds, with a total value of 314.5 million USD. This represents a staggering 218.9% increase in quantity and a 148.9% increase in value compared to the same period in 2022.
Faced with the reality of declining domestic business results, automotive enterprises immediately launched many support and incentive programs after Tet to stimulate consumer demand for shopping. Among them, market surveys show that waiving registration fees remains the most popular form of support in this February.
Image: Internet.
Posted by: Phuc Nguyen
Keyword: Sluggish Start of Vietnam's Auto Market in the First Month of the Year
