Sales of new vehicles in Vietnam doubled on year in May, rising for the 22nd straight month.
Sales of new cars, trucks and buses -including imports and locally produced vehicles -surged to 11,494 units last month from 5,573 a year earlier, figures released Friday by the Vietnam Automobile Manufacturers Association showed.
On month, however, sales were down 13%.
“Car sales were up on year because of strong demand from local companies, but it fell on month after the government doubled import tax on car parts to 10% from 5% on May 20,” said Tran Van Long, an analyst with Song Hong Automobile Trading Co.
He predicted car sales will fall in the coming months because the weakening domestic currency is cutting spending power.
According to government data issued recently, Vietnam imported 35,400 fully assembled vehicles valued at US$625 million in the first five months of this year, compared with 6,000 vehicles valued at US$108 million in the same period of last year.
Imports of vehicles and parts were worth a combined US$1.306 billion from January to May, up from US$324 million a year earlier.
The following is a breakdown of total new automobile sales for the first five months of this year:
Jan-May 2008 % On Yr
Toyota 10,228 +60
VMC (including BMW, Mazda and Kia) 261 -36
Vina Star (incl. Mitsubishi and Proton) 1,534 +17
GM Daewoo 5,874 +174
Ford 3,441 +112
Mercedes 902 +35
Isuzu 1,897 +77
Mekong (incl. Fiat, Iveco and S-Young) 1,070 +252
Visuco (Suzuki) 1,463 +77
Hino 1,109 +203
Samco 319 +50
Truong Hai 9,616 +174
Vinacomin 205 +138
Vinaxuki 4,963 +146
Honda 2,816 +110
Vinamotor 13,162 N.A.
Total 58,860 +162