Auto Sales Up in Vietnam by 120% Year-on-Year

Toyota sold majority of cars

Sales of locally assembled automobiles in Vietnam rose 120% year-on-year in the first seven months of 2008, the Vietnam Automobile Manufacturers' Association (VAMA) said August 7.

Between January and July, VAMA said its 16 member companies had sold 77,067 cars, trucks and buses while the figure for last year was only 34,996.

Toyota remained at the top of the list having sold 14,941 vehicles, followed by domestic Vinamotor and Truong Hai with 15,895 and 12,303 units respectively.

The association also said car sales in the month of July alone increased by 31% year-on-year to 8,458 units, but were down on June's 9,749 units.

Vietnam's government, battling double-digit inflation, plans to hike car registration fees in coming weeks to as much as 15% in a bid to reduce traffic jams as well as the country's ballooning trade deficit.

Copyright Agence France-Presse, 2008

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