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Of these, passenger cars decreased by 21%, commercial vehicles decreased by 6% and specialized vehicles decreased by 48% compared to 2023. By the end of March 2024, sales of domestically assembled vehicles decreased by 20% while imported vehicles decreased by 14% compared to the same period last year.

However, auto distributors expect the auto market this year to grow 5% year-on-year thanks to a number of positive supporting factors. Notably, the 2% VAT reduction will continue to be applied for the next period; lending interest rates will remain low in the coming time. Transport infrastructure with the North-South Expressway project is being implemented with the Government's attention and promotion, thereby the market's demand for cars will continue to grow.

Source: Thanh Hoa News April 16, 2024