An increasing proportion of Vietnamese plan to buy a car in the last six months of 2017, catching up with other ASEAN countries (Photo: VNA) London (VNA) - An increasingproportion of Vietnamese plan to buy a car in the last six months of 2017,catching up with other ASEAN countries, according to the quarterly FinancialTimes Confidential Research (FTCR) ASEAN Auto Purchase Index that measured thesix-month outlook for car sales among urban consumers.
The FTCR’s data from the past four years showeda steady increase in the number of Vietnamese intending to buy cars — graduallygaining on those in the Philippines, Indonesia, Thailand and Malaysia.
Over the past four years, the averageproportion of urban consumers in those other ASEAN economies who intended tobuy a car was about one in four. The average figure for Vietnam in 2016 and2017 was just above 15 percent. However, this increased from 11.9 percent in2013, the biggest rise among the five countries.
The narrowing gap suggested that strongeconomic growth over the past four years has translated into rising wages andgreater discretionary spending among middle-class Vietnamese.
Official figures showed that car sales inVietnam grew strongly from 2013 to 2016. Growth has been nearly flat in 2017,with consumers delaying their purchase until 2018 when the government will cutimport duties for ASEAN member countries to zero from the current 30 percent.
Despite increasing interest in cars,motorcycles remain the most popular means of transport. In the first half of2017, an average of 38 percent of Vietnamese consumers said they planned to buya motorcycle in the last six months, 8.8 percentage points higher than theaverage for their regional peers.-VNA
The FTCR’s data from the past four years showeda steady increase in the number of Vietnamese intending to buy cars — graduallygaining on those in the Philippines, Indonesia, Thailand and Malaysia.
Over the past four years, the averageproportion of urban consumers in those other ASEAN economies who intended tobuy a car was about one in four. The average figure for Vietnam in 2016 and2017 was just above 15 percent. However, this increased from 11.9 percent in2013, the biggest rise among the five countries.
The narrowing gap suggested that strongeconomic growth over the past four years has translated into rising wages andgreater discretionary spending among middle-class Vietnamese.
Official figures showed that car sales inVietnam grew strongly from 2013 to 2016. Growth has been nearly flat in 2017,with consumers delaying their purchase until 2018 when the government will cutimport duties for ASEAN member countries to zero from the current 30 percent.
Despite increasing interest in cars,motorcycles remain the most popular means of transport. In the first half of2017, an average of 38 percent of Vietnamese consumers said they planned to buya motorcycle in the last six months, 8.8 percentage points higher than theaverage for their regional peers.-VNA
VNA
