February auto sales rebound

07-Jan-2007 Intellasia | 10-MAR-2004 The Saigon Times Daily Page 2 | 2:25 PM Print This Post

The Vietnam Automobile Manufacturers Association (Vama) has said February sales of locally assembled cars grew strongly on January. Figures show Vama member enterprises sold 2,007 units last month, up 44% month-on-month. Toyota Vietnam took the lead, with 905 cars sold.

Mekong Auto saw poor business last month, with only seven cars sold, although it ranked second after Toyota Vietnam in January un terms of sales, with 205 units sold. A newsmaker in the industrial last month was Toyota’s decision to lay off one-fifth of its staff due to its falling output.

Other automakers have hinted that they may terminate seasonal labour contracts due to poor sales. Regarding rising car prices, Nguyen Thi Cuc, deputy head of the general Department of Taxation, said the Ministry of Finance’s tax bureau had told automobile assemblers to submit their financial reports to the department.

The department will look into whether automobile joint ventures had taken advantage of the country’s new tax policies to intentionally push up prices, Cuc said.


Category: Business

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