November auto sales surge driven by Government incentives
The Vietnam Automobile Manufacturers Association (VAMA) announced on December 10 that its member companies sold 44,200 vehicles in November, marking a month-on-month increase of 14%.
Leading the charge were passenger cars, with 34,835 units sold, marking a 15% increase. Commercial vehicles followed closely with 9,017 units, up 9%, while special-purpose vehicles saw a staggering 54% surge compared to the previous month with 348 units sold.
Breaking down the figures by origin, domestically assembled vehicles saw sales of 25,114 units, a 19% growth. Meanwhile, fully imported vehicles also saw an uptick, reaching 19,086, an 8% increase.
According to VAMA, the November sales boom can be largely attributed to the Government's policy in effect from September-November, which offered a 50% reduction in registration fees for domestically manufactured and assembled vehicles.
From January-November, VAMA members reported total sales of 308,544 units, a 17% increase compared to 2023. Passenger car sales rose by 18%, commercial vehicles 16%, and special-purpose vehicles 17% year on year.
Domestically assembled vehicles reached 159,868 units, a modest 1.6% growth, while fully imported units surged to 148,676, a striking 40% yearly hike.
Experts view the even growth across all segments and vehicle origins in November as a clear sign of revival in Vietnam's automotive market. The rising consumption demand, particularly during the year-end season, signals a positive outlook for the industry as it closes out 2024 and steams ahead into 2025.
