Fall in auto sales indicator of consumer confidence

The Vietnam Automobile Manufacturers' Association (VAMA) said that its members sold 6,116 units in February, down 25% from a year earlier.

The figure indicated a rise of nearly 2,000 units or about 40% from January.

However, sales of multi-purpose vehicles in February were down 38%, private cars down 28% and passenger vehicles down 20% from the same period last year.

The weak sales have been attributed to increased taxes and fees, economic difficulties, the proposal to levy congestion charges and the lack of parking.

Toyota and Kia were the most popular cars during the month, recording the best revenues during the period.

Toyota sold a total of 820 units in February, mainly Corolla Altis and Vios. Meanwhile, Kia sold 402 units during the month, including Morning/Picanto and Forte/Cerato.

VAMA members have not introduced any new models recently.

In terms of total car sales, Truong Hai, Toyota, Vinaxuki and GM still topped the list while SanYang, Honda, Samco and Vinacomin showed the weakest sales in February.

Recently, TMV General Director, Tachibana, said that Vietnam's auto market will experience a gloomy period during this year. VAMA's auto sales are forecast to fall 20% in 2012.