CV sales in Vietnam decline by 20% in Q1
By Will Pulson - 29th June 2023
Vietnam - Vietnam’s market for commercial vehicles over 2 tons gvw plunged by over 20% to 11,683 units in the first quarter of 2023 after declining by 4% to 14,636 units a year earlier, based on wholesale data released by the Vietnam Automotive Manufacturers Association (VAMA). The data, which excludes some imports by non-affiliated companies, makes Vietnam one of the region’s worse-performing markets in the region so far this year.
Economic growth slowed to 3.3% year-on-year in the first quarter of 2023 from 5.9% in the previous quarter and 8% in the whole of 2022. Slowing global growth has reduced demand exports, while interest rate hikes towards the end of last year has slowed domestic consumption and impacted the country’s property sector, with reports of rising numbers of loan defaults.
