Vietnam Q1 car sales soar despite economic slowdown

HANOI, April 7 (Reuters) - Auto sales in Vietnam nearly tripled in the first three months of 2008 from the same period last year, the Vietnam Automobile Manufacturers Association said on Monday, even though the country's economy has slowed.

Sales by 16 car makers jumped 180 percent to 34,095 cars in the January to March period, with the figure last month alone nearly tripling from March last year to 13,091 units, the association said in its monthly report.

Toyota (7203.T: Quote, Profile, Research, Stock Buzz) kept its lead among the 12 manufacturers backed by foreign firms, with sales of 5,631 cars between January and March, compared with 3,503 cars sold in the first three months last year.

Car sales surged as many consumers switched from motorcycles, waiting for months to get the car delivered, dealers have said.

The sales figures come despite Vietnam's first quarter annual economic growth slowing to 7.43 percent from 7.73 percent a year ago [ID:nHAN164005].

Last week Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz) said its sales in Vietnam more than doubled in the first quarter but warned an economic slowdown could affect the country's car industry in the second half of the year [ID:nSP27791].

Honda Motor Co Ltd (7267.T: Quote, Profile, Research, Stock Buzz), Mitsubishi Motors Corp (7211.T: Quote, Profile, Research, Stock Buzz), Mitsubishi Co and Proton (PROT.KL: Quote, Profile, Research, Stock Buzz), Suzuki Motor Corp (7269.T: Quote, Profile, Research, Stock Buzz) and Nissho Iwai, part of Sojitz Holdings Corp (2768.T: Quote, Profile, Research, Stock Buzz) are among foreign firms which assemble cars in Vietnam. (Reporting by Ho Binh Minh; editing by Sue Thomas)