11/12/2017 15:55 GMT+7 Email Print Like 0

Vietnam’s car sale unlikely to meet yearly target

Car sales during January-November of this year fell 10 percent year on year to 244,670 units, despite a pickup in November.

For November alone, sales of cars of all kinds went up 13 percent on a monthly basis, after months of declining, to 24,752 units.

Industry experts said the domestic auto industry is unlikely to achieve the 10 percent growth forecast by the Vietnam Automobile Manufacturers’ Association.

The likely failure comes despite car businesses running year-end sales, cutting prices of cars from few dozens to hundreds of millions of VND.

Also, many consumers are still waiting for steeper price cuts from January 2018 as tariffs on completely-built-up cars imported from ASEAN nations will fall to zero under the ASEAN Free Trade Agreement.

Automobile sales in 2016 hit a record high in 20 years with total 304,427 units sold.-VNA/VNP