There are many opportunities as well as challenges for the automobile industry when Vietnam is implementing international commitments under free trade agreements (FTAs), heard a seminar organised by Hai Quan (Customs) magazine in Hanoi on May 24.
The Thanh Cong (TC) Group, a distributor of Hyundai autos in Vietnam, sold 10,884 vehicles in December 2023, up 36.4% from the previous month, the group said on January 10.
2023 was a challenging year for the Vietnamese automobile market as sales fell 25% year-on-year despite a 50% cut in the registration fee from July 1, according to the Vietnam Automobile Manufacturers Association (VAMA).
Vietnamese firms spent over 903 million USD in the first quarter importing 41,780 completely-built-up (CBU) cars, according to a report by the General Statistics Office (GSO).
With one week until the Lunar New Year Festival (Tet), which falls on February 1 this year, it is the 'hottest' time of the year for the domestic auto market.
The Vietnam Automobile Manufacturers’ Association (VAMA) has announced that the total market sales of its member units reached 38,656 vehicles last month, a month-on-month increase of 30 percent, and a year-on-year increase of 6 percent.
A 50 percent reduction in registration fees for domestically-assembled cars is forming part of a push to help the auto market grow in the next six months.
The domestic auto market is expected to grow further in the remaining months of this year after expanding up to 120 percent in October, experts have said.
After much anticipation, the Government has issued Decree No 70 on reducing registration fees on domestically-manufactured and assembled motor cars. With the resultant 50% cut in fees, car-owners will save tens of millions or even hundreds of millions of Vietnam dong if they buy a car this year.
Toyota Motor Vietnam (TMV) completed the production of its 400,000th car on April 27, marking the company’s development milestone in the Vietnamese market.
Vietnam’s car import turnover in December 2016 increased in both quantity and value, making the year’s total annual car imports finish at 2.3 billion USD, according to the General Statistics Office.
Vietnamese auto businesses imported about 5,000 completely built-up unit (CBU) cars, worth 131 million USD, in February, 1,000 cars less than the previous month, the General Statistic Office (GSO) sai
In the Vietnamese auto market, pick-up trucks are becoming a bestseller thanks to their versatility and low prices and registration fee, auto dealers said.
Vietnam is enjoying a surge of investor interest and the auto market is one area where the enthusiasm is warranted, according to the UK’s Financial Times.
