A car manufacturing plant in Vĩnh Phúc Province. — VNA/VNS Photo

Domestic car production this year has reached a new high with 38,200 cars assembled in October, according to data released by the General Statistics Office (GSO) on Wednesday.

The figure is 5.8 per cent higher than September, when 36,100 cars were produced and 22.8 per cent higher than October 2023.

In total, for the first ten months of the year, about 281,400 cars were produced and assembled in Việt Nam, up 12.1 per cent compared to the same period in 2023.

According to GSO, around 56,301 new cars, both domestically produced and imported, were added to the Vietnamese market in October. This figure increased slightly by 3.3 per cent compared to September.

The number of imported cars was 18,101, down 1.65 per cent compared to September. They generated a turnover value of US$374 million, slightly lower than the $378 million earned last month.

However, the volume of imported cars in October this year was a sharp increase of 88.3 per cent compared to October 2023, generating 46.7 per cent more value.

The total number of imported cars in the first ten months of 2024 was estimated at 143,084 units, with a value of $2.94 billion. Compared to the same period in 2023, this number increased sharply by 37.8 per cent in volume and 19.1 per cent in value.

According to market experts, it is understandable that domestic manufacturers increased production in October, since they need to create abundant inventory for the market towards the end of the year.

In addition, there is an ongoing Government's preferential policy that reduces by half the car registration fee when buying domestically produced cars until the end of November. — VNS