Vietnam’s Car Market Remained Stagnant In Oct Despite Discounts
HANOI, Nov 15 (NNN-VNA) – The Vietnamese car market remained stagnant in Oct, even when producers offered discounts and promotions to stimulate demand, local media reported.
Although promotions and discounts by tens of millions, to almost half a billion Vietnamese dong have been continuously launched in recent months, to attract buyers, the market stayed flat last month, failing to meet businesses’ expectations, the Vietnam Automobile Manufacturers’ Association (VAMA) was cited as saying.
Consumers seem to remain reluctant to make use of the discount race, due to economic reasons, insiders said.
According to VAMA, its members sold 25,369 units in Oct, 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.