Illustrative image (Source: presstv.com)
Notably, the sales of domestically-assembled automobiles were estimated at
106,678, up 10 percent, whilst imported ones slumped 49 percent
year-on-year, reaching only 19,039.
VAMA said as many as 21,913 units of vehicles were sold in June alone, down 5 percent month-on-month.
Among the total, the sales of special-purpose vehicles saw the strongest fall at 24 percent down to 447 units, while that of commercial and passenger vehicles decreased by 8 and 1 percent to 6,281 and 15,185 units, respectively.
Almost all VAMA members reported a decline in sales over the last six months with Toyota’s Lexus brand witnessing the biggest drop at 83 percent; followed by Ford at 33 percent; Nissan at 26 percent; Toyota and Mercedes-Benz at 13 percent; and GM Vietnam at 9 percent.
Experts attributed the situation to Decree No.116/2017/ND-CP issued by the Government on conditions for production, assembling, import, trading, and the maintenance service supply activities of domestic firms.
Across the whole market, the only imports were Honda’s four models (including its CR-V, Civic, Jazz, and Accord brands), and GM Vietnam’s two models of Chevrolet Trailblazer and Colorado for distribution in the first half of 2018.
Aside from Honda Vietnam and GM Vietnam, since the beginning of this year, no car company has distributed imported vehicles to the market due to the requirements of the decree, which took effect at the beginning of the year.
Recently, Toyota Vietnam has announced the sale price of three imported vehicle models including Fortuner, Hilux, and Hiace. These models will be officially distributed to the market in August.
Other automakers such as Ford, Nissan, and Mitsubishi also said that they are trying to complete relevant procedures required in the decree. They hope to import and distribute new models to the market at the end of the third quarter or the beginning of the last quarter of this year.
As such, vehicles supplied in the market from the beginning of the year until now and from now until the end of the year are still mostly manufactured and assembled in Vietnam with leading businesses and brands such as Hyundai Thanh Cong, GM Vietnam, Truong Hai Automobile JSC (Thaco) with the top brands of Mazda, Kia, and Peugeo.
Boosting cooperation between Vietnam and India in the garment and textile sector will be one of the priorities in efforts to raise bilateral trade value to US$ 15 billion by 2020, said Parvathaneni Harish, Indian Ambassador to Vietnam.
Vietnamese shares rose on both the northern and southern local exchanges on July 16 as more cash was poured into the banking sector.
According to the Vietnam Leather, Footwear and Handbag Association (Lefaso), the country’s leather industry is enjoying good chances to benefit from the shift of orders from China as a result of the tendency of moving to the production of high-tech goods.