Vietnam’s new vehicle sales tumble

Sales of new cars, trucks and buses dropped to 5,174 units in November from 10,110 units during the same month a year ago, according to the Vietnam Automobile Manufacturers Association. “Fewer local buyers wanted to buy cars because the economic recession is hurting more people, even though car companies are slashing prices and offering more incentives,” said analyst Luong Van Nam of Hoa Binh Automobile Co. Nam predicted car sales will continue to fall because the global financial crisis is expected to have a growing impact on local consumers. (December 5, 2009)