Representatives from Ministry of Industry and Trade, South Korean Embassy and auto firms cut the ribbon to open the AutoExpo 2015 on June 17. — Photo vietnamcar.com

The exhibition attracted the participation of domestic manufacturers and automobile companies as well as businesses from Japan, Thailand, South Korea and India, China, Singapore and Malaysia. They have introduced passenger cars, commercial vehicles and special-purpose vehicles and motorcycles/scooters, as well as supporting industries and finance, banking and insurance services.

With an exhibition space spanning more than 10,000sq.m., numerous products from automobile firms such as Subaru from Japan, Tata Daewoo and Hyundai from South Korea as well as a new bus model from the Vietnam Engine and Agricultural Machinery Corporation are on display.

Visitors examine a vehicle at the four-day Auto Expo 2015 opening yesterday at the Giang Vo Exhibition and Fair Centre in Ha Noi. The Viet Nam Automobile Manufacturers' Association expects the automobile market growth to reach 10 per cent this year. — VNA/VNS Photo Tran Viet

Last year was seen as a successful year for the Vietnamese automobile market, and it promises a strong recovery for consumption in 2015.

A forecast released by the Vietnam Automobile Manufacturers' Association (VAMA) showed that the automobile market's growth rate would reach 10 per cent this year, producing nearly 180,000 units. However, many VAMA members believe the figure should be doubled.

Speaking at the opening ceremony of the exhibition, Deputy Minister of Industry and Trade Ho Thi Kim Thoa said the Vietnamese market was predicted to have between 246,000 and 247,000 new units by 2020 and between 592,000 and 836,000 units by 2025. Viet Nam would also rank amongst the four largest markets for motorbikes in the world, with an expected volume of some 33.5 million units by 2020, equal to an average rate of 2.97 people per unit.

A VEAM motor cargo truck from 3.5 tonnes to 6.5 tonnes. — Photo veam-motor.com

Thoa said the supporting industry was considered very important, noting that the Government intended to prioritise its development in the coming years.

"The country's automobile and motorbike industries and market have great investment potential for businesses with regard to production and sales," said Thoa.

The trend of consumption manifested clearly at the exhibition, which features various energy-saving and environmentally friendly vehicles, such as electric bikes bearing the brand of Beforeall, Format, Yamaha, Honda, Mumar or DKBike.

The exhibition was jointly organized by the C.I.S Vietnam Advertising & Exhibition Joint Stock Company and the Ministry of Industry and Trade's Institute for Industry Policy and Strategy as well as the Vietnam Society of Automotive Engineers. — VNS