The domestic automobile industry was forecast to thrive, given the Government’s supports in tax policies for imported automobile components coupled with the increasing income of citizens, according to a report by the Viet Dragon Securities Corporation (VDSC).
Automobile sales in August were down 14 percent against July, to 20,655 units, despite the introduction of a range of promotional programmes, according to the Vietnam Automobile Manufacturers’ Association (VAMA).
Several automakers are considering assembling their best-selling models in Vietnam due to the Government’s policy of zero import tariffs on components and a 50 percent reduction in registration fees.
The Vietnam Motor Show 2020, scheduled for October 29 – November 1, will be cancelled due to the complicated developments of COVID-19, announced the Vietnam Automobile Manufacturers’ Association (VAMA) and the Vehicles Importers Vietnam Association (VIVA) on August 4.
The domestic automobile market is expected to thrive in the second half of 2020 after a long stagnation due to the COVID-19 pandemic, driven mainly by the Government’s great support and strong discounts from dealers.
The European Chamber of Commerce in Vietnam (EuroCham) proposed the Government to apply a 50 percent registration fee reduction to all automotive assembly firms, importers and dealers of new vehicles.
The Ministry of Finance has officially asked the Government to cut 50 percent of the registration fee for customers who buy locally-produced and assembled automobiles.
The Government’s decision to offer a zero-import tax rate on automobile components opens significant opportunities for the local industry to lower prices, enhance competitiveness and promote consumption.
The Vietnam Automobile Manufacturers’ Association (VAMA) recently announced that its members’ March sale was 19,154 units, 8 percent higher than the figure recorded in February.
TC Motor has said that it will halt vehicle production in the northern province of Ninh Binh from April 1 to 15 over concerns of the COVID-19 pandemic.
Vietnam Automobile Manufacturers’ Association (VAMA) has proposed the Government reduce value-added tax (VAT) and registration fees for car customers by 50 percent, reports vietnamnet.vn.
Car sales in November failed to meet expectations even though the year-end shopping season has started and despite various discounts of up to hundreds of millions of dong.
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 2019 Vietnam Motor Show opened in Ho Chi Minh City on October 23, showcasing the latest models and advanced technologies from 15 Vietnamese and foreign auto brands.
Competition in the automobile sector on the domestic market is fierce, not only in the production of local enterprises, but also the significant imports of cars in the first nine months of this year.
The Vietnam Motor Show 2019 (VMS 2019), to be held at the Saigon Exhibition and Convention Centre from October 23-27, will be a chance for local consumers to see latest models from many renowned automobile brands and breakthrough technologies in the industry.
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