Vietnam car sales up 88% in 10 months to October

08-Nov-2007 Intellasia | Thomson Financial | 5:59 AM Print This Post

Vietnamese car manufacturers said Tuesday they sold 88% more cars in the first 10 months of the year compared to the same period of 2006.

Sixteen out of 18 members of the Vietnamese Automobile Manufacturers’ Association (Vama) sold a total of 58,320 cars between January and October, compared to by 2006′s figure of 30,970 units.

Figures of the two other Vama members are not available.

Sales of passenger cars were reported at 12,743 vehicles, up by 141%, Vama said.

Japan’s Honda (nyse: HMC-news-people ) took the lead in growth, having sold 3,247 units assembled in Vietnam, a rise of 529%.

It was followed by Vidamco, a joint venture between South Korean GM Daewoo and a Vietnamese company, with 332% higher annual sales.

In October, Vama members sold 9,081 units, up by 125%.

Vietnam, a country of 84 million people, has seen the emergence of more middle-income earners, who are ready to spend at least 20,000 dollars for private vehicles.

The government said last week it would cut tariffs for imported cars from 70% to 60% on November 16.

In the first 10 months, the country imported 19,000 cars worth 376 million dollars, the General Statistical Office said.

 


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