Vietnam's 2015 car sales hit record high

By Dam Tuan   February 24, 2016 | 05:47 pm GMT+7

Car makers in Vietnam boosted sales to an all-time high of almost 245,000 units in 2015, up 55 percent year on year, according to data from the Vietnam Automobile Manufacturers’ Association.

The number of sales last year surpassed the previous mark of 180,000 units sold in 2009.

In December, manufacturers sold 29,397 units, surging 45 perecent from the same month in 2014.

Japan’s Toyota Vietnam said the country was the fifth largest car market in the ASEAN region but remained much smaller than Thailand and Indonesia, so there was still great potential for future growth.

The average income per capita in Vietnam is projected to reach US $3,000 by 2020 and car sales are expected to hit 370,000 units at that time, said a Toyota Vietnam representative.

vietnams-2015-car-sales-hit-record-high

Car consumtionp in the last 12 months exceeds the record of 2009

Sales of domestically assembled cars last year were 173,040 units, growing 48 percent year on year while imported car sales surged 74 percent from a year earlier to 71,874 units.

The sales growth was seen in all segments including passenger and commercial vehicles, VAMA said.

Leading local car manufacturer, Truong Hai Auto Corporation (THACO), sold 80,421 units in 2015, 90 percent higher than 2014, accounting for 38.6 percent of market share. Toyota held 24 percent of market share last year, followed by Ford and Honda.