The decline in domestic automobile consumption and its to fifth place in Southeast Asia can be attributed to both external and internal factors, according to industry insiders.
The decline in the local auto market affected both domestically-produced and assembled vehicles, as well as imported vehicles, prompting car manufacturers to take action to reverse the trend.
The recent decline in Việt Nam''s automobile consumption and its shift to the 5th position in Southeast Asia can be attributed to both external and internal factors, according to car experts.
Members of the Vietnam Automobile Manufacturers’ Association (VAMA) sold 24,002 automobiles in June, up 26 per cent compared to the previous month but down 13 per cent year on year.
The automobile market is expected to set a new record in sales this year with VAMA members and TC Motors selling an average nearly 32,000 cars each month in January-September.
Viet Nam’s automobile market witnessed a year-on-year increase of 365.6 per cent to 88,000 cars in the first seven months of this year, worth US$1.94 billion, reports the General Department of Customs.
The taxes on imported cars from Europe to Viet Nam will to zero per cent in the next 9 to 10 years, creating new competitiveness in the automobile market.
The Vietnamese automobile market is predicted to develop strongly between now and 2035 as the country is experiencing a “golden population structure,” which offers opportunities to promote the automobile industry.
Viet Nam spent more than US$2.15 billion importing 94,000 cars last year, marking a year-on-year decrease of 16.8 per cent in volume and 9.6 per cent in value.