This time last year, the sales were artificially depressed due to the registration tax increase in August 2008. This measure was anticipated so most of the people who wanted a new car bought one before August. Also, domestic confidence was hit hard by the recession, so people decided to stop investing.
But it seems that things are getting better, because compared to the previous month sale were up 6.2 percent in October. Overall sales are still down by 3.8 percent compared with 2008, as this year there were only 92,136 cars sold in Vietnam. The analysts still believe that 2009 could be a record year, as the market could finish the year higher than last year's record 110,000 sales. Passenger vehicle sales, including cars, SUVs and MPVs, amounted to 46,951 units while commercial vehicles sales stood at 45,545 units.
Vietnamese people prefer Toyota, as the Japanese automaker kept its leading position and sold 22,263 cars, 10 percent more than last year; next is Truong Hai, distributor of Kia vehicles, trucks, with 16,606 units (+8%); truck and bus distributor VinaMotor with 12,610 units (-33%); and GM-Daewoo with 10,817 units (+14%).
Vietnam is a larger country and has a bigger population than the United Kingdom. Still, in October 2009 the UK sold more than 160,000 new vehicles, as opposed to the 11,762 sold in Vietnam.