Global economic crisis fails to diminish Vietnamese car sales in 2008

Special Report:Global Financial Crisis

HANOI, Jan. 19 (Xinhua) -- Sale of cars in Vietnam recorded 110,000 units in 2008, a jump of about 49 percent over the 2007's figure despite the global financial crisis, the local newspaper Vietnam Investment Review reported Monday, citing the source with the Viet Nam Automobile Manufacturers' Association (VAMA).

The increase in car sales in Vietnam during a challenging 2008 showed that the domestic automobile market would sooner or later explode with Vietnamese consumers' appetite for cars, said Vietnam-based Mercedes Benz general director Udo Loersch.

Vietnam is home to 16 of car assemblers with famous brands such as Toyota, Honda, Ford and Mercedes Benz.

Sales by the 16 car makers operating in Vietnam in the first 11months of 2008 saw a record 100,910 units, up 48 percent over the same period of 2007, said the association.

However, the year 2009 may not be a positive year for the domestic car market as the global financial crisis has been affecting car makers worldwide, and Vietnam is not an exception, said the newspaper.