Friday , May 24 2024

Vietnam’s biggest auto show canceled due to plunging demand


Vietnam’s biggest annual auto show will not be held in October this year due to falling demand, a source told VnExpress.

“The car market has been going through a quiet period so far this year due to declining demand and macro-economic challenges,” a representative of a German auto brand said, explaining that the big price tag for this event has dissuaded organizers.

The source said, however, that the show may return in 2024.

The Vietnam Motor Show is typically held in the last quarter to boost sales during the final months of the year, and in the run-up to Tet, Vietnam’s most important national holiday. Tet, the Lunar New Year, typically falls in the first two months of the following year.

Last year, the show attracted nearly 236,970 visitors who bought nearly 2,000 vehicles.

Several experts have said that 2023 would be a challenging year for the auto market as high interest rates and inflation have caused demand to fall.

Members of the Vietnam Automobile Manufacturers Association say their sales dropped nearly 25% year-on-year to 40,354 units in the first two months of 2023.

Industry insiders say that they have to spend tens of billions of dong (VND10 billion = $423,900) to participate in each motor show, which is a big financial burden if they do not make that money back in sales.

However, sales managers say that now that the motor show has been canceled, brands will use that money for promotions to boost sales, which would be good news for car buyers.

In recent years, auto companies have become less enthusiastic in participating in Vietnam’s motor shows as the market remains small compared to regional markets such as Thailand and Indonesia. As a result, they have not invested a lot in showcasing new technology or saving special models for auto shows.

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