Vietnam Truck Market 2020: Key Highlights

The age-old adage “supply meets demand” holds true in every era, especially when reflecting on the 2020 truck market in Vietnam – a year of fluctuations and contrasting fortunes. The journey of finding the perfect truck to accompany you on every road became both challenging and intriguing. Let’s explore the key highlights of the Vietnamese truck market in 2020 with XE TẢI HÀ NỘI.

Vietnam Truck Market 2020: Weathering the COVID Storm

In 2020, the COVID-19 pandemic struck like a hurricane, significantly impacting the global economy. The Vietnamese truck market was not immune to this disruption.

Market Ups and Downs

According to the Vietnam Automobile Manufacturers’ Association (VAMA), total market sales in 2020 reached approximately 295,000 vehicles, an 8% decrease compared to 2019. This decline stemmed from several factors, including:

• Impact of the pandemic: COVID-19 forced many businesses to temporarily suspend operations, reducing people’s income and consequently, their demand for vehicles.
• Supply chain disruptions: The production and import of auto parts faced significant challenges due to lockdowns and travel restrictions worldwide.

However, amidst these difficulties, the 2020 truck market also showed positive signs:

• Timely support policies: The government implemented several support policies for the automotive industry, such as a 50% reduction in registration fees for domestically assembled vehicles, stimulating demand in the final months of the year.
• Shift towards personal vehicles: Amidst the pandemic, people tended to prioritize personal vehicles for safety reasons. This contributed to a slight increase in car sales during the latter half of the year.

The Truck Market: Steadfastly Overcoming Challenges

Despite the volatile overall context, the truck market demonstrated remarkable resilience and recovery. The increased demand for essential goods transportation during the pandemic helped the truck market maintain stable growth.

A truck transporting goods during the pandemicPeople using cars during the pandemic