Vietnamese people increase car purchases again as prices continue to fall sharply

Industry-wide sales in November increased 13% compared to October, but the cumulative total for the year still decreased 10% compared to the same period in 2016.

According to the report of the Vietnam Automobile Manufacturers Association (VAMA), in November, the total market sales reached 24,752 vehicles, an increase of 13% compared to October but a decrease of 13% compared to October 2016. By the end of November, the market sold 244,670 vehicles, a decrease of 10% compared to the same period in 2016.

The market grew in November compared to October.

Continuous discount policies and early announcement of 2018 prices since the last two months of 2017 have contributed to boosting sales in the entire market in November. There is only one month left for companies to salvage their sales results for the whole year as the general psychology of customers is to wait until 2018 in the hope that car prices will continue to decrease.

The whole industry, including passenger cars, commercial vehicles and specialized vehicles, all decreased compared to the same period in 2016. Assembled cars decreased by 19%, while imported cars increased by 9% compared to the same period last year.The increase in imported cars is due to the shift from assembled models to imported ones such as Toyota Fortuner and Honda Civic. Most recently, in November, Honda introduced the 7-seat version of the CR-V imported from Thailand.

The upward trend of the market may be due to many people wanting to buy cars to serve their travel needs during the holidays and Tet. In addition, the deep discounts along with the affirmation of some companies that the price of cars in 2018 will not decrease significantly have somewhat affected the decision to "spend money" of those who need a vehicle and feel the price is reasonable.

At the beginning of November, Toyota announced the 2018 price list for assembled cars including Vios, Altis, Camry, Innova with a reduction of tens of millions of VND. The retail price is applied by the company from November 1, 2017.

Immediately after that,Truong Hai, Hyundai Thanh Cong, Mitsubishi, and Nissan simultaneously announced new prices for the end of 2017 and early 2018 sales season. The discounts range from a few million to over 100 million VND.

According to VNE