Vietnam CV sales on downward trend
By Will Pulson - 18th April 2024
Vietnam - Vietnam’s commercial vehicle market over 2 tons gvw continued to decline in the fourth quarter of 2023, by over 16% to 14,877 units from already weak year-earlier sales of 17,766 units, based on data collected by the Vietnam Automotive Manufacturers Association (VAMA).
After an initial rebound from the Covid pandemic, the commercial vehicle market has been in continuous decline for the last five quarters – since the central bank hiked its benchmark interest rate in October 2022 to counter fast-rising inflation. While lending rates have since come down, local businesses have on whole remained very cautious on expanding their commercial fleets despite economic growth accelerating throughout all last year.
