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Carmakers keep accelerating despite slow economy
Seventeen auto makers in Vietnam sold a combined 68,609 vehicles in the first half of 2008, up 141 percent year-on-year, the Vietnam Automobile Manufacturers’ Association (VAMA) said on July 9.
VAMA, representing the 17 leading auto makers, said the January-June figure for all vehicles, represented a dramatic rise from 28,522 units sold in the first six months of 2007.
Toyota Vietnam , a subsidiary of Toyota Motors, which last year ranked as the world’s biggest auto maker in terms of output volume, topped the list with 12,510 units sold, followed by two domestic truck and bus makers: Vinamotor with 14,594 units and Truong Hai with 11,295.
In June alone, car sales were up by 60 percent year-on-year at 9,749 units, the association said.
However, auto sales were down 15 percent from May to June after the Government raised some taxes in a bid to curb imports.
The Ministry of Finance on April 2 raised the import tariff on CBU (Complete Built Unit) cars from 60 percent to 70 percent and then from 70 percent to 83 percent a few days later.
Last month, the ministry also raised the tariff on auto parts and components by 5-10 percent – the third tariff hike for auto parts and components since April.
The tariff hikes immediately affected car retail prices, with GM-Daewoo manufacturer Vidamco last month becoming the fourth auto maker in Vietnam to raise the sales prices for its fleet after Toyota , Honda and Ford, with increases ranging from 200-900 USD depending on the models.
Vietnam, which has struggled with double-digit inflation and a ballooning trade deficit this year, estimated economic growth of 6.5 percent in the first half compared with 7.9 percent in the same period last year.
The Government has urged state agencies to limit car imports to curb Vietnam ’s trade deficit, which widened to an estimated 14.8 billion USD in the first half of the year, as well as to reduce city traffic jams.
There are over 800,000 automobiles in Vietnam , compared to over 20 million motorbikes, according to the Ministry of Transport.
VNA
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