Business

Vietnam's auto sales surge by 45% thanks to registration fee support policy

Auto sales by members of the Vietnam Automobile Manufacturers’ Association (VAMA) reached 36,585 units in September, a 45% increase over the previous month, following the implementation of a 50% reduction in registration fees for domestically manufactured and assembled vehicles.

VAMA members sold 36,585 units in September. (Illustrative photo: TCMotor)
VAMA members sold 36,585 units in September. (Illustrative photo: TCMotor)

Hanoi (VNA) – Auto sales by members of the Vietnam Automobile Manufacturers’ Association (VAMA) reached 36,585 units in September, a 45% increase over the previous month, following the implementation of a 50% reduction in registration fees for domestically manufactured and assembled vehicles.

The policy, detailed in the Government’s Decree 109/2024/ND-CP issued on August 29, took effect on September 1 and will remain in place for three months to incentivise consumers to choose locally assembled vehicles.

According to VAMA’s report on October 10, sales in the passenger vehicle segment reached 28,973 units in September, a 51% rise over August. Commercial vehicle sales also showed significant growth, with 7,367 units sold, or a 25% monthly increase. Special-purpose vehicles, meanwhile, saw a 48% rise, with 245 units delivered to buyers. These figures reflect strong demand for various vehicle types suitable for domestic travel and transport needs.

Domestically-assembled vehicle sales totalled 19,500 units, up 62% month-on-month. Imported automobiles also saw growth, with sales of 17,085 units, up 30%. The disparity in growth rates underscores the effectiveness of the registration fee reduction policy, which has heightened consumer interest in locally assembled vehicles.

Among VAMA members, Toyota led September sales with 6,986 vehicles sold, followed by Mitsubishi, Kia, Ford, Honda, and Mazda.

In the first nine months, VAMA members sold a total of 225,583 vehicles, an annual increase of 7.5%. Sales of domestically assembled and imported vehicles reached 113,641 and 111,942 units, down 7.5% and up 28.5% year-on-year, respectively.

Industry experts forecast continued market growth over the next two months as the support policy remains active. However, growth rates are unlikely to match September's figures, as pent-up consumer demand spurred by the incentive has already been realised. Additionally, as the policy expires, the market will face challenges amid economic fluctuations and evolving consumer trends./.

VNA
#auto sales #Vietnam Automobile Manufacturers’ Association #locally assembled vehicles #imported automobiles
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