The Vietnamese automobile market witnessed a significant sales decline in the first month of 2024, yet businesses and experts forecast that the market may see a breakthrough in the second half of the year.
Hanoi (VNA) - The Vietnamese automobile market witnessed asignificant sales decline in the first month of 2024, yet businesses and experts forecast that the market may see a breakthrough in thesecond half of the year.
The Vietnam Automobile Manufacturers’Association (VAMA) announced on January 22 that the total sales by its members reached 19,243 units in the month, down 50% month-on-month.
The number of domestically assembled vehiclessold was 9,783, down 59%, while that of imported completely built units (CBUs)also decreased by 36% compared to the previous month, reaching 9,460.
In addition to the above-mentioned situation, the market also sees the presence of many foreignmanufacturers such as Audi, Jaguar Land Rover, Mercedes-Benz, Nissan, Subaru,Volkswagen, Volvo, and Haval, but they do not disclose their business results.
According to TC Group, the assembler anddistributor of Hyundai vehicles in Vietnam, as January 2024 was near the LunarNew Year, consumers' tended to spare their money for holiday needs rather than automobiles, leading to the decline in the sales of Hyundai inparticular and the whole market. The group predicted that the market willgradually stabilise, with expectations for higher sales growth in the followingmonths.
Toyota Vietnam also assessed that themarket situation in 2024 will still have many difficulties and challenges. Inthat context, the company and its dealer system will continue to make effortsto improve product and service quality to attract customers.
However, Ford Vietnam believed that the difficultiesare only short-term, as the Vietnamese automobile market is still considered potential and attractive in the eyes of automobile manufacturers.
Economists forecast this market will grow10% in 2024 against the previous year, or 428,000 units to be sold, with therecovery of the economy and the incentives from the Government./.
The domestic automobile market has faced both opportunities and challenges in the year 2023. Car experts believe that 2023 is a crucial year for Vietnam to establish itself as an emerging market in the auto industry, with hopes of achieving this status in 2024.
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As one of the most prestigious annual international events in the industry, the expo serves as a prime platform for enterprises to connect, exchange valuable experience, and explore reliable collaboration opportunities with both domestic and international companies.
Organised by the Vietnamese Embassy and Trade Office, Vietnam's national booth showcases catalogues and product samples from over 30 Vietnamese companies, spanning key sectors such as agriculture, seafood, food and beverages, footwear, textiles, furniture, plastics, construction materials, and industrial machinery.
A Thaco factory (Photo: VNA) 
