Sixteen members of the Vietnam Automobile Manufacturers Association (VAMA) sold 2,992 vehicles in February, up 59% year-on-year, but down 1,730 units from the previous month.
VAMA chair Udo Loersch said that the sales volume of 16 VAMA members rose strongly in February, especially for cars, which increased 125% from a year ago.
February saw 1,315 multipurpose vehicles sold, up 99%, while the number of commercial vehicles sold was 998 units, up 8%.
According to VAMA, the first two-months’ sales reached 7,714 units, up 105 year-on-year, comprising 3,120 multi-purpose vehicles, up 99%, 2,725 commercial vehicles, up 70%, and 1,869 cars, up 220%.
In previous years, car sales during the first months of year were normally weak as buyers were inclined to wait for prices to fall. Automobile manufacturers said promotions and discounts late last year helped revive consumer demand.
Toyota Vietnam remained the market leader in the first two-months, with 2,193 units sold, or 28.4% of the total, followed by Truong Hai with 998 units, or 12.9%.
Vidamco came third with 739 units, accounting for 9.6%, while Honda Vietnam gained the fourth place with 721 units and Ford Vietnam sold 713 units. Mercedes-Benz sold a mere 167 units.
Many investors who have become rich overnight thanks to successful securities trading deals tend to buy luxury cars. Another factor is, since tax policies are becoming more stable, people no longer wait for further price reductions like before.