While the policy reflects Vietnam’s intent to strengthen trade relations with the US, the real impact on car prices will be modest partly because import tariffs are just one part of the vehicle's cost.
The Ministry of Industry and Trade has forecast that Vietnam's automobile market could grow by approximately 12% in 2025, with sales expected to reach 600,000 units.
Vietnam’s automobile market is expected to bounce back in the last months of 2024 if a proposal to cut registration fees by a half for domestically manufactured and assembled cars is approved.
Vietnamese electric vehicle (EV) maker VinFast on February 6 announced a recall on 5,912 VF 5 Plus vehicles, which were produced from March to December 2023, for free replacement of a combination switch (left-hand lever on the steering wheel).
The recent decline in Vietnam’s automobile consumption and its drop to the fifth place in Southeast Asia can be attributed to both external and internal factors, car experts said.
Automobile sales in Vietnam posted a month-on-month increase of 20% and a year-on-year surge of 88% in July, the Vietnam Automobile Manufacturers’ Association (VAMA) reported on August 11.
Many businesses from the Republic of Korea (RoK) are looking to connect and get more information about the Vietnamese market as well as investment policies of the country, especially in auto parts, mechanics, and electronics, said Vu Ba Phu, Director of the Vietnam Trade Promotion Agency (Vietrade) under the Ministry of Industry and Trade (MoIT).
The Vietnam Automobile Manufacturers’ Association (VAMA) announced on April 13 that its members sold a total of 70,952 vehicles in the first quarter of 2021, a year-on-year surge of 36 percent.
The Vietnam Automobile Manufacturers’ Association (VAMA) reported on March 11 that its members sold 17,616 vehicles in February, a month-on-month increase of 11 percent.
The automobile market is expected to boom this year as the Government mulls a number of favourable policies to help reduce costs, improve demand and increase output.
Nearly 400,000 cars were sold in the Vietnamese market in 2019 thanks to valuable gift and discount programmes, which were launched at the beginning of the year, said the Vietnam Automobile Manufacturers’ Association (VAMA).
Hopes of a big rise in car sales in October thanks to a steep drop in prices and the rollout of new models have been dashed, spreading more gloom about the sector’s health.
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.
Sales of automobiles saw a month-on-month decline of 19 percent to about 21,480 vehicles in August, according to the Vietnam Automobile Manufacturer Association (VAMA).
Car sales reached 281,473 units during the January-June period, a year-on-year rise of 21 percent, the Vietnam Automobile Manufacturers’ Association (VAMA) reported on July 9.
New policies promoting development of the domestic automobile sector will create opportunities for the industrial real estate market, according to a CBRE Vietnam report released in December.
