New vehicle sales in Vietnam jumped by 46% to 16,696 units in February 2020 from 11,466 units in the same month of last year, according to wholesale data released by the Vietnam Automotive Manufacturers Association (VAMA).
That followed a 52% sales decline in January due to the lunar new year holidays with most businesses in the country closed in the last week of that month.
The market in February shrugged off the negativity of the global COVID19 pandemic, as consumers and businesses focused instead on the country’s strong economic growth which averaged 7% in 2019.
Sales were still down sharply in the first two months of 2020, by over 26% to 31,908 units from 43,265 in the same period of last year.
Passenger vehicle deliveries fell by almost 30% to 24,458 units in this period from 34,909 units, while commercial vehicle sales were down by close to 13% to 7,450 units from 8,536.
Truong Hai (Thaco) group, the local assembler and distributor of Kia, Mazda and Peugeot, and a significant player in commercial vehicles, reported a more than 26% drop in group sales to 10,740 units in the first two months of the year. That included a 48% plunge in Mazda sales to 3,543 units and a 23% drop in Kia sales to 3,805.
Toyota remained the leading vehicle brand in the country in first two months of the year, with sales dropping by just 13% to 8,605 units, while Honda sales fell by close to 44% to 3,322.
Mitsubishi Motors outperformed the market in this period, with its sales rising by 7.8% to 3,222 thanks to strong demand for the Xpander MPV.