CV market in Vietnam drops sharply in Q2 and by 9% in the first half of the year
By Will Pulson - 19th October 2023
Vietnam - Vietnam’s market for commercial vehicles over 2 tons gvw continued to fall sharply in the second quarter of 2023, by over 22% year-on-year to 13,381 units after a drop of 14% to 17,251 units in the same period of last year, based on wholesale data supplied by Vietnam Automotive Manufacturers Association (VAMA).
The economy picked up some momentum in the second quarter, with GDP expanding by 4.1% year-on-year after growth of 3.3% in the first quarter, boosted by a return of international tourism following two years of lockdowns which helped underpin domestic consumption. Exports plunged by over 12%, reflecting slowing economic growth in key overseas markets.
