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August 7, 2007

July auto sales jump 85%
Auto sales in Vietnam by 11 foreign-backed firms jumped 85% in July from a year earlier to 4,827, Reuters quoted the Vietnam Automobile Manufacturers Association as saying.

Toyota sold 1,774 vehicles, making up 37% of the sales by all foreign car makers last month and 45% more than a year earlier, the association said in its monthly report. Ford Motor’s sales rose 26% from a year earlier to 452.

GM Daewoo reported the most robust growth, with sales jumping 478% from last July to 613 due to strong demand for its Captiva utility vehicle. Dealers said buyers now had to wait for about three months to drive the model home.

Vietnam's annual per capita income remains one of the world's lowest at around US$720, but its vehicle prices are among the highest because of high tariffs and taxes.

German car maker Mercedes Benz plans to launch its all new 2008 C-class sedans next month with the entry model retailing at about US$70,000, dealers said. They said BMW had ceased assembling vehicles in Vietnam and appointed Euro Auto to import cars from its plants in Germany. Reuters

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