DNVN - Car purchasing power in the entire Vietnamese market in August 2024 decreased by 13% compared to the previous month. The reason is believed to be due to the fear of buying vehicles of many consumers during the Ghost Month (or Ghost Month).
Of which, passenger cars reached 19,129 units, down 16% compared to the previous month; commercial vehicles segment reached 5,901 units, up slightly 1%; specialized vehicles segment reached 166 units, down 23%.
VAMA's sales figures do not include the number of cars sold on the market by member car manufacturers and the number of completely imported cars by businesses outside the association, and do not include sales of VinFast and Hyundai Thanh Cong.
According to information from Hyundai Thanh Cong, this joint venture achieved sales of 4,679 units in August 2024, down 12.2% compared to the previous month, almost equivalent to the general decline of the whole market. VinFast does not announce monthly sales.
The decline of the automobile market in August was a predicted development by businesses in the industry. One of the reasons that is considered to have a significant impact on the market is the fear of buying cars of many people and businesses during the Ghost Month, also known as the "ghost month". The Ghost Month (the 7th lunar month) this year starts from August 4 to September 2. Thus, the automobile market in August 2024 almost falls entirely in the Ghost Month.
It can be seen that, besides the difficulties of businesses and people, psychological factors also play a particularly important role in the Vietnamese automobile market. In fact, in recent years, the domestic automobile market has often experienced a decline in purchasing power during each period of the Ngau month.
Notably, the decline in purchasing power in August occurred in the context of a series of car companies trying to stimulate demand through large discount and promotional programs.
A representative of a large automobile joint venture said that, in fact, the decline in purchasing power in August was also curbed thanks to the businesses' efforts to stimulate demand. Discounts and promotions worth about 5-12% of the car price, mainly through the form of 50-100% support for registration fees, have contributed to keeping consumers in the market. Therefore, despite the decline compared to the previous month, the total purchasing power of cars in the entire market in August 2024 still increased by 12% compared to the same period last year.
Back to the numbers. Also according to VAMA's report, the total number of cars consumed in the entire market in the first 8 months of 2024 reached 188,997 units, up slightly by 2% compared to the same period in 2023. Of which, the passenger car segment reached 139,271 units, up 2% over the same period; the commercial vehicle segment reached 48,197 units, up 4%; the specialized vehicle segment reached 1,529 units, up 1%.
According to experts, the overall picture of the Vietnamese automobile market at the end of the year is likely to be brighter thanks to a number of positive factors. In addition to positive signals from the macro economy, the automobile market also received a strong "boost" from the Government's policy of supporting 50% of registration fees for domestically produced and assembled vehicles.
An Nhi
Source: https://doanhnghiepvn.vn/kinh-doanh-va-tieu-dung/o-to-xe-may/no-luc-kich-cau-bat-thanh-suc-mua-o-to-van-sut-giam-trong-thang-co-hon/20240913052601369
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