Car prices dropped sharply, car consumption dropped sharply, but Vietnamese customers were still indifferent

Although car manufacturers have made efforts to offer high-value promotional programs (depending on model and version) to stimulate market demand, however, the Vietnamese auto market during this time is still very gloomy.

According to information from the Vietnam Automobile Manufacturers Association (VAMA), in the first 7 months of 2023, total car sales across the market from VAMA member units reached 162,014 vehicles, down up to 30%. compared to the same period last year.

Of which, passenger car sales decreased by 34%, commercial vehicles decreased by 13% and specialized vehicles decreased by 63%. The consequence is that the recent sharp decline in automobile market sales has caused the supporting industry and auto mechanics to be affected quite a lot.

According to assessments of businesses and car dealers, market purchasing power decreased rapidly beyond forecast, causing inventory at showrooms and factories to reach alarming levels.

If purchasing power does not improve and the market does not grow again, in order to reduce inventory pressure, manufacturers will not be able to maintain a stable production rhythm and will be forced to reduce capacity and labor, which will directly impacts the labor and employment situation, thereby affecting social security.

Besides, car consumption demand depends on many factors and fluctuates. Therefore, if registration tax is reduced, consumers will be the first beneficiaries.

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