Vietnam auto sales plummet in January

Vietnam's total automobile sales plunged 52 percent month-on-month to 15,787 units in January, the Vietnam Automobile Manufacturers Association said on Wednesday.

Specifically, sales of passenger cars fell 48 percent to 12,807 units, those of commercial vehicles such as trucks and buses plunged 65 percent to 2,757, and those of special-purpose vehicles dropped 41 percent to 223.

In the first month of this year, the sale of locally-assembled automobiles declined 51 percent to 9,599 units and that of imported vehicles dropped 54 percent compared to the previous month, said the association.

Vietnam celebrating one-week Lunar New Year holiday was attributed to the country's sharp reduction of auto sales in January, the analysts said.

Vietnam's auto market will grow from February and will maintain the growth rate at 10 to 20 percent in 2020 thanks to the diverse supply with a wide range of models and promotions, Vietnam News Agency quoted General Director of Ford Vietnam Pham Van Dung as reporting.

In 2019, the country imported 141,696 completely-built automobiles worth over 3.2 billion U.S. dollars, up 71 percent on-year in volume and up 75.8 percent in value, according to its General Statistics Office.

Source: China ASEAN Business Council