The average income per capita in Vietnam will reach about 3,000 USD in 2020 and the demand for cars will boom, according to the Ministry of Industry and Trade’s (MoIT) forecast presented at a seminar in Hanoi on October 12.
The Vietnam Automobile Manufacturers’ Association on October 10 reported that automobile sales in September drop 20 percent compared to the same period last year and 4 percent over the previous month.
Automobile traders are suffering tough times due to a slide in prices and sales, though the used-car market has been vibrant even during the seventh lunar month called Thang Co hon (Month of lonely spirits), more than 30 units sold per day.
Although many carmakers in Vietnam have applied discounts and promotions, car sales in the first eight months of the year dipped 6 percent year-on-year to 177,000 units, according to the Vietnam Automobile Manufacturers’ Association (VAMA).
Members of the Vietnam Automobile Manufacturers’ Association (VAMA) sold more than 177,000 cars in the first eight months of the year, down 6 percent from the same time last year.
Prime Minister Nguyen Xuan Phuc attended a ceremony in the northern port city of Hai Phong on September 2 to start the construction of the first Vietnamese automobile manufacturing complex.
The total automobile sales in the first seven months of 2017 went down 6 percent year-on-year to 154,930 units, the Vietnam Automobile Manufacturers’ Association (VAMA) reported on August 8.
The Vietnam Motorshow 2017, themed “Connected Technology for Smart Moving”, kicked off at the Saigon Exhibition and Convention Centre in Ho Chi Minh City on August 1.
As many as 23,232 cars were sold in May, up 6 percent from the previous month, according to the Vietnam Automobile Manufacturers’ Association on June 7.
Some 21,942 cars were sold in April this year, a drop of 18 percent over the previous month, according to the Vietnam Automobile Manufacturers’ Association.
Truong Hai Auto Corporation (Thaco) posted a record revenue of 65.8 trillion VND (3 billion USD) in 2016, a growth of 44 percent against the previous year.
The Government has instructed the Ministry of Finance to consider changes to special consumption taxes on imported pick-up trucks to level the field for cars.
The Ministry of Industry and Trade (MoIT) will continue pursuing the dream of a real auto industry in Vietnam despite the failure of 20 years of efforts towards this goal.
Total automobile sales in February fell 13 percent from a month earlier to 17,621 units, according to Vietnam Automobile Manufacturers’ Assocation (VAMA).
The domestic auto industry will need several supporting measures including technical barriers to “create differences” between locally-made and imported cars, officials and industry insiders agree.
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