Vietnam's car sales fall on imports rise

Vietnam’s car sales fall on imports rise

The 11 carmakers in Vietnam sold a combined 1'397 domestically-made vehicles in February 2005, down 43% year-on-year, said the Vietnam Automobile Manufacturers Association (VAMA). Auto imports, which totaled 2'000 units in the first two months of the year, contributed to auto sales' decline, said VAMA. Meanwhile car dealers added that fewer working days and the 10-25% increase in car prices have slowed sales. On the other hand, total car sales amounted to 3'767 units in the first two months of the year, up 11%. Vietnam has 11 foreign-invested automakers with a total investment capital of more than $500 million and a combined annual production capacity of 148'000 units. There are also more than 160 domestic auto parts makers in the country.