Vietnamese market for CVs continues to fall in Q1
By Will Pulson - 14th July 2024
Vietnam – The market for commercial vehicles over 2 tons gvw in Vietnam declined by almost 6% to 11,105 units in the first quarter of 2024 from 11,684 units in the same period of last year, based on wholesale data released by the Vietnam Automotive Manufacturers Association (VAMA). The data excludes some imports by non-affiliated companies, including some vehicles imported from China.
Economic growth in the country slowed to 5.7% year-on-year in the first quarter from 6.7% growth in the fourth quarter of 2023 according to government data, reflecting still weak growth in domestic consumption. Consumer spending continues to be held back by tight lending by banks, which has affected vehicle sales over the last two years including commercial vehicles. Consumer sentiment in recent months has also been affected by the resignation of the country’s President Vo Van Thuong and other politicians following a major anti-corruption investigation.
