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Vietnam, Brunei Only ASEAN Members to See Car Sales Drop in 2017

Contrary to common beliefs, car sales have fallen in Vietnam this year, and the country is one of two Southeast Asian nations that failed to see the auto market grow in 2017.

This may come as a surprise to anyone who has been stuck in a traffic jam this year, but 4.2% fewer cars were sold in Vietnam as of November compared to the same period in 2016, Tuoi Tre reports.

Statistics from the ASEAN Automotive Federation show that roughly 185,000 cars were sold in Vietnam in the first 11 months of the year, down from 193,000 last year. Brunei is the only other regional country to experience a drop in car sales.

Thailand, the Philippines, Indonesia and Malaysia each saw sales growth rates of 1-1.5%, the news source shares.

Myanmar, which has opened its economy in recent years, saw growth of 80% over last year, with 5,300 cars sold thus far this year compared to just 2,900 in 2016.

Vietnam's auto sales are sluggish because potential buyers are waiting until January 1, 2018, when the tax on car parts and fully built cars imported from other ASEAN members is set to drop to 0%.

[Photo via All Africa]

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