Tuesday, July 9, 2024
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Home » Vietnam’s Car Market Remains Stagnant in October Despite Discounts

Vietnam’s Car Market Remains Stagnant in October Despite Discounts

by Kalani Malaythong
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The Vietnamese car market remained stagnant in October even when producers offered discounts and promotions to stimulate demand, local media reported.

Although promotions and discounts by tens of millions to almost half of a billion of Vietnamese dong have been continuously launched in recent months to attract buyers, the market stayed flat last month, failing to meet businesses’ expectations, Vietnam News Agency said on Tuesday, citing the Vietnam Automobile Manufacturers’ Association (VAMA).

Consumers seem to remain reluctant to make use of the discount race due to economic reasons, insiders said.

According to the VAMA, its members sold 25,369 units in October, approximating the previous month’s sales (25,375 units) but falling 31 percent from the same period last year.

It is predicted that this year the market is unlikely to witness a sudden increase and will face difficulty in reaching the sales figure of over 404,000 units like in 2022. 

Source: Xinhua

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