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.
Hanoi (VNA) – The domestic auto market isexpected to grow further in the remaining months of this year after expandingup to 120 percent in October, experts have said.
The Vietnam Automobile Manufacturers’ Association(VAMA) said on November 16 that vehicle sales of its members reached 29,797 lastmonth.
Of the total sales, there were 19,865 passenger cars,up 138 percent month on month; 9,492 commercial vehicles, up 94 percent; and 404specialised vehicles, up 45 percent.
In terms of origin, the sales of domesticallyassembled and imported cars hit 15,344 units and 14,453 units, increasing 110percent and 132 percent compared to September, respectively.
The association attributed the impressive rise toCOVID-19 prevention and control measures rolled out by the Government.
In the first 10 months of this year, the total salesof VAMA members reached 218,734 vehicles of alltypes, up 3 percent from the corresponding time last year.
Experts said the January-October sales did notfully reflect the entire Vietnamese car market because the brands of Audi,Jaguar Land Rover, Mercedes-Benz, Subaru, Volkswagen, and Volvo did not disclosetheir figures.
Looking at the sales of automobile brands in Vietnamlast month, Hyundai secured the first place. It was followed by Toyota, Kia,Ford, VinFast, Mazda and Honda./.
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A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
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The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
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This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
Illustrative image (Source: Kia) 
