HÀ NỘI — Car sales slowed sharply after the pre-Tết (Lunar New Year) buying surge, with monthly sales dropping nearly 50 per cent in February.

The Vietnam Automobile Manufacturers’ Association (VAMA) has announced that total vehicle sales by its member companies reached 19,278 units in February, a sharp 48 per cent decline compared with the previous month.

Of the total sales, passenger cars accounted for the largest share with 12,376 units, down 53 per cent month-on-month.

Commercial vehicles followed with 6,542 units, a decrease of 37 per cent, while 360 specialised vehicles were sold, down 22 per cent from the previous month.

Sales of domestically assembled vehicles hit 9,220 units, marking a 49 per cent drop from January.

Imported, fully built vehicles sold 10,058 units, down 47 per cent. These numbers show that the decline affected both local and imported vehicle segments.

Despite the sharp fall, the market maintained positive growth during the first two months. According to VAMA, total market sales by the end of February reached 46,153 units, up 39 per cent compared with the same period last year.

The passenger car segment rose by 34 per cent year-on-year, suggesting continued growth in demand for private vehicles. Sales of commercial vehicles increased by 51 per cent, reflecting a strong recovery in transport and logistics demand alongside broader economic expansion.

Hybrid vehicle sales also recorded notable growth. In January and February, this segment reached 1,982 units, an increase of 19 per cent compared with the same period last year. The trend towards fuel-efficient and environmentally friendly vehicles is becoming increasingly evident in the Vietnamese market.

In the first two months of the year, sales of domestically assembled vehicles jumped 35 per cent compared to last year, while imported vehicle sales climbed 42 per cent. This points to growing competition between local and imported models and signals a boost in market demand.

Experts note, however, that the figures do not fully reflect the overall state of Việt Nam’s automobile market, as several brands outside VAMA do not disclose their sales results, such as Audi, BYD, Jaguar Land Rover, Geely, GAC, Lynk & Co, Omoda & Jaecoo, Mercedes-Benz, Nissan, Subaru, Volkswagen and Volvo. 

VinFast and Hyundai are two major automakers with significant sales volumes but report their figures separately from VAMA.

The sharp drop in sales was widely anticipated as the Lunar New Year holiday fell entirely in February this year. Market activity typically slows during the holiday period following a pre-Tết buying surge, causing the auto market to temporarily cool.

According to VAMA, the sharp drop in sales was widely anticipated as the Lunar New Year holiday fell entirely in February. Market activity typically slows during the holiday period following a pre-Tết buying surge, causing the auto market to temporarily cool.

VAMA said the outlook for Việt Nam’s automobile market this year remains positive with economic recovery, rising mobility demand, and the introduction of numerous new models to continue supporting growth in the automotive sector in the coming months. — VNS