Workers assemble an auto at Ford Vietnam's Hai Duong assembly facility. (Photo: VNA)

In a written document sent to the Ministry of Finance for consideration last week, the trade ministry said that the risk of economic turmoil had had a great impact on businesses, including domestic automobile assemblers and manufacturers.

In addition, pressure from tightened credit policy, high interest rates, and market liquidity problems also have influence on consumer psychology as many people have decided to tighten their spending.

In the first quarter, sales of domestically-assembled cars and imported cars dropped  34% and 4% respectively.