Enthusiasm in Vietnam’s auto market: Financial Times
Vietnam is enjoying a surge of investor interest and the auto market is one area where the enthusiasm is warranted, according to the UK’s Financial Times.
Vietnam's car sales enjoy an impressive growth (Source :Reuters/VNA)
London, (VNA) – Vietnam is enjoying a su𝓀rge of investor interest and the auto market is o♉ne area where the enthusiasm is warranted, according to the UK’s Financial Times.
It said car sales in Vietnam were up 59 percent year on year in January-October, following annual growth of 35 percent in 2014 and 23 percent in 2013.
Vietnam now accounts for 6.8 percent of car sales in the “ASEAN 5” which also includes Indonesia, Malaysia, the Philippines and Thailand –and could approach 10 percent in 2016, according to the FT Confidential Research.
Vietnam remains the poorest country Southeast Asia outside the so-called “frontier” of Myanmar, Cambodia and Laos. Yet with a population of 90 million and one of the region’s most dynamic economies, the country is becoming an increasingly attractive consumer market.
Across the ASEAN 5, Toyota stands as the favourite brand, followed by Honda.
These companies are benefiting from surging demand in Vietnam and the Philippines.-VNA
Local auto import distributors could record high growth in the second half of the year as the US dollar has recently raised its value against other foreign currencies.
April was a positive month for Vietnam’s auto sales, though carmakers have claimed difficulties conducting business in the country's unstable and undeveloped automobile industry.
Automobile sales in August dropped by 10 percent from the previous month to 18,236 units, according to the Vietnam Automobile Manufacturers’ Association (VAMA).
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Dung underlined several key objectives, including a comprehensive review of the legal framework governing SOEs, and called for updates that reflect international standards and support modern, transparent governance.
While the US market has become more difficult to access due to new tax policies, Australia could play the role of a trade cushion, helping to reduce shocks and maintain export momentum for Vietnam's shrimp industry.
Vietnam Cycle Expo 2025 will coincide with the Vietnam Sport Show 2025, an international exhibition on sports and outdoor entertainment, expected to attract more than 20,000 visitors in the three-day event.
Despite global economic uncertainties, Binh Duong has maintained strong momentum in both exports and industrial production during the first half of 2025.
Vietnam's car sales enjoy an impressive growth (Source :Reuters/VNA)
