Vietnam Q1 car sales soar despite economic slowdown
HANOI, April 7 (Reuters) - Auto sales in Vietnam nearly
tripled in the first three months of 2008 from the same period
last year, the Vietnam Automobile Manufacturers Association said
on Monday, even though the country’s economy has slowed.
Sales by 16 car makers jumped 180 percent to 34,095 cars in
the January to March period, with the figure last month alone
nearly tripling from March last year to 13,091 units, the
association said in its monthly report.
Toyota (7203.T: Quote, Profile, Research) kept its lead among the 12 manufacturers
backed by foreign firms, with sales of 5,631 cars between
January and March, compared with 3,503 cars sold in the first
three months last year.
Car sales surged as many consumers switched from
motorcycles, waiting for months to get the car delivered,
dealers have said.
The sales figures come despite Vietnam’s first quarter
annual economic growth slowing to 7.43 percent from 7.73 percent
a year ago [ID:nHAN164005].
Last week Ford Motor Co (F.N: Quote, Profile, Research) said its sales in Vietnam more
than doubled in the first quarter but warned an economic
slowdown could affect the country’s car industry in the second
half of the year [ID:nSP27791].
Honda Motor Co Ltd (7267.T: Quote, Profile, Research), Mitsubishi Motors Corp
(7211.T: Quote, Profile, Research), Mitsubishi Co and Proton (PROT.KL: Quote, Profile, Research), Suzuki Motor Corp
(7269.T: Quote, Profile, Research) and Nissho Iwai, part of Sojitz Holdings Corp (2768.T: Quote, Profile, Research)
are among foreign firms which assemble cars in Vietnam.
(Reporting by Ho Binh Minh; editing by Sue Thomas)
