Business

Domestic car market sees consumption growth in March

Members of the Vietnam Automobile Manufacturers Association (VAMA) sold over 36,962 autos in March, up 60 percent on the month, according to a recent VAMA report.
Domestic car market sees consumption growth in March ảnh 1During the first three months, sales of domestically-assembled cars and imported CBU cars increased by 34 percent and 17 percent year on year, respectively. (Photo cafef.vn)
Hanoi (VNS/VNA) - Members of the Vietnam AutomobileManufacturers Association (VAMA) sold over 36,962 autos in March, up 60 percent onthe month, according to a recent VAMA report.

This was the first month of this year where auto sales of VAMA members hadstrong growth, after decreasing by 34 percent in January and 26 percent inFebruary.

In March, passenger car sales surged 62 percent on month to nearly 28,491,while 7,794 commercial vehicles found customers, up 63 percent, and 677special-use cars were sold, up 41 percent, according to the report.

Sales of domestically-assembled cars and completely built-up (CBU) carsincreased by 50 percent to 21,863 units and 82 percent to 15,099 units permonth, respectively.

Apart from VAMA members, non-member automakers Thanh Cong Motor and VinFastsold 7,069 units and 3,471 units last month.

In the first three months of 2022, VAMA members sold 90,506 units, up 27 percentyear on year, of which passenger cars were up by 39 percent, commercialvehicles up by 7 percent and special-use vehicles up by 32 percent.

During the first three months, sales of domestically-assembled cars andimported CBU cars increased by 34 percent and 17 percent year on year,respectively.

The market performance showed that in the first three months of 2022, theconsumers chose to buy domestically-assembled cars to enjoy an incentive ofreducing 50 percent in registration fees according to the Government's Decree103/2021/NĐ stipulating the level of the registration fee for domesticallymanufactured and assembled automobiles. This registration fee reduction hasbeen applied from December 1, 2021, to May 31, 2022.

With sales growth of 60 percent on the month and 27 percent on the year in thefirst quarter of this year, this was an impressive figure in car saleswhile the market is still being hit by the COVID-19 pandemic and facing ashortage of chips and other parts.

Experts said that along with control of the COVID-19 pandemic in Vietnam andthe reduction in the registration fees, the domestic auto market would continueits strong growth. The country’s auto sales are expected to reach 500,000 unitsthis year./.
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