Car consumption increases at the end of the year

According to the latest report of the Vietnam Automobile Manufacturers Association (VAMA), automobile sales in the entire domestic market in October 2024 recorded strong growth with sales of the entire market reaching 38,761 vehicles, an increase of 6% compared to September 2024, an increase of 53% compared to October 2023.

Specifically, total market sales reached 38,761 vehicles, including 30,245 passenger cars, up 4%; 8,290 commercial vehicles, up 13% and 226 specialized vehicles, down 8% compared to the previous month.

Sales of domestically assembled vehicles reached 21,113 units, up 8% compared to the previous month, and sales of imported vehicles increased 3% compared to the previous month. This shows that Vietnamese consumers still tend to prioritize domestically assembled vehicles due to price advantages and financial incentives.

According to Toyota Vietnam's report, sales in October 2024 reached 8,898 vehicles, an increase of 25% compared to the previous month.

Sales of Toyota cars have all grown, partly thanks to the government's policy of supporting registration fees for domestically assembled cars.

In addition, Toyota also proactively launched promotional programs for models such as Vios, Yaris Cross, Veloz Cross, Avanza Premio and Corolla Cross, giving customers an easy opportunity to own a car in the last months of 2024.

Honda Vietnam's sales in October reached 25,553 vehicles, accounting for 8.2% market share and growing 1.2% over the same period last year.

According to VAMA, this impressive result comes from the policy of supporting a 50% reduction in registration fees from September 1 to November 30. This is also the golden time for consumers to shop at the end of the year to serve the increasing travel demand.

Despite strong growth in car sales, inventory remains a big problem for domestic auto manufacturers.

Along with that, the inventory of cars from 2023 has not been fully sold while the policy of reducing 50% of registration fees is only applied for 3 months and officially ended yesterday afternoon, November 30.

Therefore, to attract customers, dealers focus on incentives such as: Free body insurance, worth 10-20 million VND; partial support for registration fees, directly reduced from 10-30 million VND; increase vehicle warranty period to 5-7 years, give fuel vouchers worth up to 10 million VND...

These programs will help car manufacturers maintain growth momentum as they enter December, the period considered to be the peak of year-end consumption.