Vietnam’s CV market plunged in Q4 to put 2022-year sector sales into negative territory
By Jim Gibbins - 6th April 2023
Vietnam - Vietnam’s commercial vehicle market over 2 tons gvw shrank by almost 23% to 17,901 units in the fourth quarter of 2022 from strong year-earlier sales of 23,142 units, based on data collected by the Vietnam Automotive Manufacturers Association (VAMA).
The sharp sales decline came as economic growth in the country slowed to 5.9% year-on-year after surging by 13.7% in the third quarter, when the economy rebounded from the previous year’s Covid lockdowns. Fourth-quarter GDP growth was also held back by a slowdown in global economic growth and rising inflation, which affected consumer spending. Growth in industrial output, including manufacturing, construction and processing industries, slowed to 4.2% in the fourth quarter from 12.9% in the third quarter, while service sector activity grew by 8.1% after surging by almost 19%.
