Car market sales increase by 9%, car companies focus on stimulating demand in the "ghost month"

Figures just released by the Vietnam Automobile Manufacturers Association (VAMA) show the number of cars sold across the market by member units in July 2024.reached 28,920 vehicles, up 9% compared to the previous month and up 17% compared to the same period last year.

Specifically, passenger cars reached 22,847 units, up 15% compared to June 2024; specialized vehicles reached 215 units, up 1%, and commercial vehicles reached 5,857 units, down 9%.

In terms of vehicle origin, while sales of domestically assembled vehicles reached 13,788 vehicles, up 6%, sales of imported vehicles were 15,132 vehicles, up 11% compared to the previous month.

In terms of market share, Toyota continued to hold the top position with 6,479 vehicles sold. Hyundai was still in second place with 5,329 vehicles. Good sales helped Mitsubishi rise to third place with 3,835 vehicles sold, pushing Ford down to fourth place with 3,150 vehicles. The remaining positions were KIA (2,679 vehicles), Mazda (2,503 vehicles), Honda (2,406 vehicles)...

Combining the sales of VAMA and TC Group in July, the entire market consumed a total of 34,249 vehicles of all kinds, bringing the total number of vehicles sold in the first 7 months of 2024 to 193,484 vehicles. On average, the market consumes about 27,640 vehicles per month.

However, the above figures do not fully reflect the Vietnamese auto market because brands such as Audi, Jaguar Land Rover, Mercedes-Benz, Subaru, Volkswagen, Volvo... do not publish business results information.

Also according to VAMA, the volume of imported cars sold in the month increased by 11% compared to the same period last month, surpassing the increase in domestically assembled cars.

Explaining this, industry experts said that while waiting for the policy to reduce registration fees to be passed, consumers switched to buying imported cars because many dealers offered promotions equivalent to 50% or even 100% of registration fees.

In addition to discounts, imported car models have a variety of designs and amenities, from compact urban cars to SUVs, meeting the needs of many different customer groups. That is why some imported car models such as Mitsubishi XForce, Xpander, Toyota Yaris Cross, Ford Everest... have been ranked in the top best-selling cars of the month.

Looking at the market in the coming time, many opinions believe that purchasing power will "go sideways" in the context that many companies still maintain "huge" incentives as a measure to cope with the "Ghost month" (7th lunar month) - often considered an inappropriate time to purchase large assets.

For imported cars, Volkswagen Vietnam offers a 50% discount on registration fees for the two versions of the Touareg Touareg Elegance and Touareg Luxury with a reduction of 140 million and 160 million VND respectively; Skoda also offers a reduction of 50-130 million VND for customers buying Kodiaq and Karoq cars...

In the popular car group, Nissan offers a 150% discount on registration fees for Nissan Almera, Nissan Navara and Nissan Kicks (VIN 2023) models with a conversion discount of up to nearly 130 million VND. Honda offers a 50% to 100% discount on registration fees for City, CR-V, HR-V, BR-V, etc.

Not staying out of the game, fellow carmaker Mitsubishi also offers incentives from 50% to 100% of registration fees for the Xforce, Xpander, Pajero Sport, Outlander, Triton, Attrage models. Notably, the two versions of Pajero Sport Diesel 4x2 AT and 4x4 AT are supported with 100% of registration fees, helping to reduce the car price by 113 million and 136.5 million VND respectively.

Industry experts say that in the context of declining purchasing power, companies competing to launch incentives is a quite reasonable strategy because it not only helps companies stimulate consumer demand but also reduces inventory.