Hanoi (VNA) – After sales grew 13% in September, the car market in Vietnam was stagnant in October even when producersoffered discounts and promotions to stimulate demand.

The Vietnam Automobile Manufacturers’ Association (VAMA) saidits members sold 25,369 units in October, approximating the previous month’ssales (25,375 units) but falling 31% from the same period last year.

They included 19,624 passenger cars, decreasing 0.2% month onmonth, while the number of commercial vehicles sold increased slightly,by 1%, to 5,604, indicating certain recovery in transportation and businessdemand, VAMA noted.

During the first 10 months of 2023, VAMA members delivered 235,296units to buyers, down 29% year on year, with passenger cars down 32%, commercialvehicles down 16%, and special purpose ones down 60%, statistics show.

Thereare also many other brands in the Vietnamese car market such as Audi, JaguarLand Rover, Mercedes-Benz, Nissan, Subaru, Volkswagen, and Volvo, but they donot reveal their business results.

Thanh Cong (TC) Group with the brand of Hyundai sold 7,458 unitslast month, raising its 10-month sales to 48,626 units.

In total, VAMA members and TC Group posted sales of 32,827 units inOctober and 283,922 units during 10 months.

Insiderssaid though carmakers have continuously launched promotions and discounts bytens of millions o to almost half of a billion of VND in recent months to attractbuyers, the market stayed flat last month, failing to meet businesses’expectations.

Consumersseem to remain reluctant to make use of the discount race due to economic reasons,they noted, forecasting that the market is unlikely to witness a suddenincrease.

This year, it will be hard for the market to reach the sales figure of over 404,000units like in 2022. The total sales are estimated at about 70% of that number because economic difficultiesare making consumers tighten their belt, insiders predicted./.