According to VAMA’s report, their members sold 19,243 units in January 2024, which was down by 50 percent against the figure of December 2023 and up 11 percent compared to the same period last year.

Of the sold automobiles, 14,745 units were passenger cars; 4,390 units were commercial vehicles, and 108 units were special-purpose vehicles. Passenger car sales showed a fall of 54 percent while commercial vehicles fell by 31.50 percent and special-purpose vehicles down by 46 percent against last December's figures.

CKD (vehicles that are shipped in parts and assembled at the dealership or factory) volume was 9,783 units, down 59 percent versus last December and completely built units (CBU) stood at 9,460 units, down 36 percent.

Toyota and Hyundai reported the biggest falls of 70 percent and 68 percent, respectively during the period with Toyota selling only 2,344 units and Hyundai 3,569 units. Some others seeing sales falling by between 50-60 percent included Mitsubishi with 1,793 units, Ford 2,671, Kia 2,369, and Mazda 1,972.

Those were disappointing figures as both car makers and agents said that they had expected a high sales volume ahead of the Tet Lunar New Year holiday.