Vietnam March new vehicle sales -13.6% on year, +69.6% on month

09-Apr-2009 Intellasia | Dow Jones | 7:01 AM Print This Post

New vehicle sales in Vietnam fell 13.6% from a year earlier in March -a sixth straight month of decline -because of weak local demand amid the economic slowdown.

Sales of new cars, trucks and buses -including imports and locally produced vehicles -were down to 11,316 units last month from 13,091 a year earlier, figures released Tuesday by the Vietnam Automobile Manufacturers Association show.

On month, sales were up 69.6% because car companies cut prices and offered various incentives to local buyers, analysts said.

“Though local demand for new cars continued to fall on year but it rose significantly on month, indicating that more people are coming back to buy cars, ” said analyst Le Van Long with Hanoi Automobile Joint Stock Co.

According to government data, Vietnam imported 6,000 fully assembled vehicles valued at US$102 million in the first three months of this year, compared with 21, 000 valued at US$493 million in the same period last year.

Imports of vehicles and parts from January to March were worth a combined US$269 million, down from US$738 million a year earlier.

 


Category: Business

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