Vietnam automakers posts stellar growth

Vietnam Automobile Manufacturers’ Association (VAMA) announced that 17 automakers in Vietnam sold a combined 68,609 vehicles in the first half of 2008, up 141% year-on-year. Toyota Vietnam, a subsidiary of Toyota Motors, which ranked as the world’s biggest auto maker in terms of output volume in 2007, topped the list with 12,510 units sold, followed by two domestic truck and bus makers, Vinamotor with 14,594 units and Truong Hai with 11,295 units. In June alone, car sales were up 60% year-on-year at 9,749 units, VAMA reported. However, auto sales were down 15% from May to June after the government raised some taxes in a bid to curb imports. (July 14, 2008)