A sedan is seen at a dealership. Photo by VnExpress / Dat Doan.
Auto dealers posted three and even four-digit year-on-year net profit growth in the first half of the year amid rising demand.
Saigon General Service Corporation (Savico) reported profits of over VND 140 billion, an increase of 487%, on consolidated revenues of over VND 7 trillion ($ 304.3 million).
Hang Xanh Motors Service Joint Stock Company (Haxaco), a major Mercedes-Benz dealer, simply said its profits had risen by triple digits to VND 61.5 billion.
Truong Long Auto & Technology Joint Stock Company recorded 650% growth.
Ford City Auto Corporation dealership said its profits rose 3,300% to VND 17 billion.
TMT Motors Corporation reported profits of 21 billion dong, up 1650%.
Strong profit growth somewhat reflected a market recovery, with Hang Xanh saying second-quarter sales were up 20% year-on-year.
According to the Vietnamese Association of Automobile Manufacturers, its members sold more than 135,600 vehicles in the first half, up 32 percent. The figures do not include sales of Audi, Jaguar Land Rover, Subaru, Volkswagen, Volvo and a few others, which did not reveal their figures.
According to the Vietnamese General Customs Department, the country imported more than 81,100 complete vehicles during the six-month period, an increase of 100.5%.
But dealers expect a sluggish market in the second half of the year, mainly due to the impact of Covid-19.
Saigon General Service Corporation said the pandemic will have a big impact on sales in the third quarter.
