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Economic woes stall Vietnam auto industry
Car sales slumped 38 percent in the first four months as tight credit and a weakening economy hit demand.
January-April sales by the 16 car makers operating in the country dropped to 29,289 units from 47,366 vehicles a year earlier, the Vietnam Automobiles Manufacturers Association said in a report on May 8.
Dealers say demand could slow significantly for the rest of the year as consumers shelve big ticket items such as cars and houses. Last year car sales increased by 37 percent to a record 110,186 units.
The economy grew an estimated 3.1 percent in the first quarter from a year earlier, the slowest pace in at least a decade.
Toyota Motor Corp. retained its pole position, with its four-month sales down only 15 percent to 6,751 vehicles. Ford Motor Co.’s sales by fell by a third to 1,988 units and Honda’s sales crashed 44 percent to 1,220 units.
Mitsubishi Motors Corp., Proton, Suzuki Motor Corp. and Nissho Iwai, part of Sojitz Holdings Corp., are among the car makers with assembly plants in Vietnam.
thanhnien, reuters
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