HANOI, (Vietnam): The Vietnamese car market remained stagnant in October even when producers offered discounts and promotions to stimulate demand, Xinhua quoted local media reports.
Although promotions and discounts by tens of millions to almost half a billion Vietnamese dong have been continuously offered and promoted in recent months to attract buyers, the market stayed flat last month, failing to meet businesses' expectations, Vietnam News Agency said yesterday (November 15), citing the Vietnam Automobile Manufacturers' Association (VAMA).
Consumers seem to remain reluctant to make use of the discount race due to economic reasons, insiders said.
According to VAMA, its members sold 25,369 units last month, approximating the previous month's sales (25,375 units) but falling 31 per cent from the same period last year.
It is predicted that this year, the market is unlikely to witness a sudden increase and will face difficulty in reaching the sales figure of over 404,000 units last year. – Bernama