Saturday, November 08, 2008

Vietnam's October car sales drop 37 percent on year

HANOI, Nov 7 (Reuters) - Vietnam's October car sales fell by 37 percent from the same month last year to 5,679 units due to higher taxes and registration fees, an industry report said on Friday.

However, sales by the 16 cars makers operating in Vietnam in the first 10 months still jumped 64 percent from the same period in 2007 to a record 95,736 units, the Vietnam Automobile Manufacturers Association said in its monthly report.

Dealers have said demand would slow for the rest of the year after the government tripled registration fees to 15 percent of the car's purchase price from August.

Toyota Motor Corp (7203.T: Quote,ProfileResearchStock Buzz) retained its pole position among the manufacturers with Jan-Oct sales surging more than 30 percent from a year earlier to 20,351 vehicles.

Sales by Ford Motor Co (F.N: QuoteProfileResearchStock Buzz) revved up nearly 40 percent in the period to 5,613 units.