Domestically assembled car sales unexpectedly decrease despite benefiting from 50% registration fee reduction
The Vietnam Automobile Manufacturers Association (VAMA) said that sales of domestically assembled cars in July 2023 decreased by 12% compared to the previous month. This figure was released after Vietnam reduced registration fees by 50% from July 1.
Specifically, VAMA said that in July 2023, the total market sales reached 24,687 vehicles, an increase of 4% compared to June 2023. However, this figure still decreased by 18% compared to July 2022.
VAMA reported that total market sales included 19,221 passenger cars; 5,318 commercial vehicles and 148 specialized vehicles. Passenger car sales increased by 11%; commercial vehicles decreased by 16% and specialized vehicles increased by 21% compared to the previous month.
One of the surprises in VAMA's report was that sales of domestically assembled cars reached 13,575 units, down 12% compared to the previous month. Because from July 1, 2023, Vietnam reduced registration fees for domestically assembled cars by 50%.
Meanwhile, sales of imported cars were 11,112, up 34% over the previous month.
Previously, (VAMA) announced that the total market sales in June reached 23,800 vehicles. Of which, domestically assembled vehicles reached 15,488 vehicles, up 28% compared to May and the sales of completely imported vehicles were 8,312 vehicles, down 4% compared to May 2023.
