By the end of November 2024, sales of domestically assembled vehicles reached nearly 160,000 units. It represents a modest 1.6% increase year-on-year, and accounts for 59.5% of total car sales in the market.
Despite the moderate growth, the results are noteworthy considering the 2024 registration fee reduction policy lasted only three months, only half the duration of a similar policy in 2023.
Domestic production and sales are expected to grow moving forward, with companies continuing to expand their manufacturing presence in Vietnam.
These include new Chinese brands entering Vietnam, including Omoda and Jaecoo of Chery, Geely and Lynk & Co, with factories built in Thai Binh.
In December, Vietnamese automaker VinFast also launched the construction of an electric car factory in Ha Tinh. The new facility will focus on producing the VF 3 and VF 5 models, which are VinFast's best-selling vehicles./.
