The Vietnam Automobile Manufacturers Association (VAMA) announced on December 10 that its member companies sold 44,200 vehicles in November, marking a month-on-month increase of 14%.

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.

The decline in domestic automobile consumption and its drop to 5th place in Southeast Asia can be attributed to both external and internal factors, according to industry insiders.

The domestic automobile market has faced both opportunities and challenges in the year 2023. Car experts believe that 2023 is a crucial year for Vietnam to establish itself as an emerging market in the auto industry, with hopes of achieving this status in 2024.

The domestic auto market in Vietnam is experiencing a decline in car sales due to sluggish customer demand compared to previous years, despite price reductions and promotions offered by car manufacturers during the peak shopping season, according to local car experts.

Members of the Vietnam Automobile Manufacturers Association (VAMA) sold 24,687 vehicles in July, up 4% month-on-month, VAMA reported on August 14.

Vietnam spent nearly 270 million USD on importing 10,000 completely-built automobiles (CBUs) in May, a decrease of 6.3% from a year earlier.

The Ministry of Industry and Trade supporting the reduction of automobile registration fees is considered to have a positive effect on the auto industry in the context of the automobile market facing many difficulties.

The Ministry of Industry and Trade (MoIT) said that it is necessary to devise a 50% cut on auto registration fees and extend the payment of the excise tax on locally-assembled and manufactured cars to stimulate consumer demand and ease the burden on businesses.

The Vietnam Motor Show (VMS), the largest of its kind in Vietnam, will return this October following two years of postponement due to the COVID-19 impact.

The Vietnamese automotive market is expected to rebound this year, returning to its growth track after sluggish sales in 2021, according to industry insiders.

Vietnam’s automobile market recorded slight growth in 2021, data from manufacturers showed.

The import of automobiles increased dramatically in March, according to figures released by the General Department of Customs (GDC).

Toyota Vietnam and Honda Vietnam posted the best car sales in March among members of the Vietnam Automobile Manufacturers Associations (VAMA) though both reported year-on-year drops in this regard.

The spread of the COVID-19 pandemic in almost all countries and territories worldwide is likely to force automobile manufacturing and assembly firms in Vietnam to scale down operations and even close their factories.

Vietnam’s automobile industry is small compared to regional markets and local suppliers are asking for more support from the Government.

The Vietnam Motor Show 2019 kicks off at the Saigon Exhibition and Convention Center in Ho Chi Minh City on October 23.

Vietnam needs to issue special policies for the automobile industry to catch up with other countries in the ASEAN region, said experts at a conference held in Hanoi on October 22.

Almost 28,900 cars were sold in Vietnam in October, up 21 percent from the previous month, according to the Vietnam Automobile Manufacturers Association (VAMA).

Contracts for 880 automobiles were signed during the Vietnam Motor Show 2018, which took place from October 24 to 28 in Ho Chi Minh City.