“Reducing Registration Fees and Promotions Are Not Enough, The Vietnamese Automobile Market Is Still Not Prospering”

In the context of the government reducing registration fees by 50% under Decree 41 and car manufacturers continuously launching attractive promotions, the Vietnamese auto market is still facing many difficulties when sales continue to increase. continue to decline. Despite efforts to stimulate demand, however, the market situation has not yet been able to reverse as expected.

Challenges in the Automobile Market Despite Promotions

Although Decree 41 has supported a 50% reduction in registration fees for domestically assembled vehicles and car manufacturers have launched attractive promotions, the Vietnamese auto market is still facing difficulties. Based on the report of the Vietnam Automobile Manufacturers Association (VAMA), sales in July 2023 increased slightly by 4% compared to June 2023, but still decreased by 18% compared to the same period last year. . The situation becomes even clearer when considering the whole market, with the total number of cars sold in July 2023 reaching 31,764 units, down 299 units compared to the previous month.

Performance of Vehicle Segments and Origins: According to a report from VAMA, in July 2023, passenger car sales increased by 11%, commercial vehicles decreased by 16% and specialized vehicles increased by 21% compared to the previous month. If we look at the origin, sales of domestically assembled cars decreased by 12%, while sales of imported complete units increased significantly by 34% compared to the previous month.

Sales of domestically assembled (blue) and imported (red) vehicles in 2023 and the same period in 2022

Cumulative Performance Through July and the Impact of External Factors

The results from the beginning of the year to the end of July 2023 are also not very optimistic, when sales of VAMA members decreased by up to 30% compared to 2022. Passenger cars decreased by 34%, commercial vehicles decreased by 13%, and specialized vehicles even decreased by 63% compared to the same period last year. Although the reduction in registration fees is positive, the market still faces pressure from the economic recession and bank interest rates.

Chart of auto market sales in 7 months of 2023 compared to the same period in 2022

Market Information and Expert Opinions

Business experts say that car purchases are still affected by many factors, despite registration fee reductions and other incentives. The decline in the market largely stems from the impact of the economic recession and pressure on personal finances. The need to buy a car depends on the economic situation and consumer psychology.

Outlook and Conclusion

Despite support measures, Vietnam’s auto market still needs time to recover due to strong external impacts. Maintaining stability in a difficult context could be the decisive factor for the market to start recovering in the future.

According to Mr. Nguyen Trong Dat – a sales employee of a Kia car dealer in Hanoi, shared: “The auto market is forecast to still have many difficulties, especially in August 2023, sales may continue to continued to decline because it coincided with the month Ngau (the 7th month of the lunar calendar). This is the time when, according to many Vietnamese people, they will not buy valuable assets this month.”

Also according to Mr. Dat, normally in previous years, when the economy was stable, in the month of Ngau almost all sales decreased despite many promotions. So this year, with this situation, a decline is almost certain. It’s just important not to go too deep. Currently, many days the showroom doesn’t even have any customers coming to see the car.

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