1. VinFast lists shares on US bourse

On August 15, 2023, VinFast Auto shares were officially put into transaction at Nasdaq Global Select Market.

VinFast is the first Vietnamese enterprises successfully listing shares on the US bourse. After the event, described as a step to penetrate the global financial market, VinFast has been expanding export markets and moving ahead with the plan to build a factory in the US.

2. Mini electric cars made in Vietnam for first time

The debut by the low-cost small-sized electric car with Wuling HongGuang Mini EV brand manufactured by TMT Motors in Hung Yen province in June 2023 was considered a memorable milestone of the Vietnamese automobile market in 2023.

The appearance of HongGuang mini EV has officially opened a new automobile market segment in Vietnam, an extremely strange segment raising controversy about the feasibility and the suitability to Vietnamese users.

TMT Motors said it wants to provide a low-cost green car which can replace motorbikes and prepare for the roadmap on prohibiting motorbikes in inner cities of Hanoi and HCMC, as well as the government’s plan to stop internal combustion engine vehicles.

Wuling HongGuang Mini EV was the best mini car seller in 2020-2022 manufactured by the US-China joint venture SAIC-GM-Wuling (SGMW). However, analysts said this doesn’t mean that the model would succeed in Vietnam.

3. Chinese cars flock to Vietnam

Following Wuling HongGuang mini EV, a series of other Chinese brands, including Haval, Lynk & Co and Haima, joined the Vietnamese market, especially in the second half of 2023.

However, unlike Wuling HongGuang which is assembled in Vietnam, the products of other brands are imported into Vietnam under the mode of CBU (complete built unit).

4. Czech cars present in Vietnam

In September 2023, Skoda, a Czech automobile brand officially joined the Vietnamese market through the cooperation with TC Motor. The products are being imported from Europe before an assembly factory is set up in Quang Ninh.

To date, Skoda is the only brand with East European origin present in Vietnam.

Other European manufacturers came to Vietnam very early, including German BMW (1992), Mercedes (1995), Volkswagen (2007), French Peugeot (2013). Of these, Volkswagen still doesn’t have a factory in Vietnam.

5. Car number plates officially auctioned 

On September 15, 2023, the first auction of car number plates was organized, where 11 plates with lucky numerals were put on sale. The auction was realized after 30 years of discussion. 

Only in late 2022 did the National Assembly approve the auction plan which will be implemented for three years on a trial basis, taking effect on July 1, 2023. It marks an important milestone in the state’s vehicle management.

To date, 232,183 car number plates have been put into auction which has brought hundreds of billions of dong to the state budget.

6. 50 percent vehicle registration tax cut for domestically made cars

After Covid-19, the government has three times applied the 50 percent vehicle registration tax cut policy in order to stimulate demand and ease manufacturers’ difficulties.

The first time was applicable from June 28 to December 31, 2020, the second from December 1, 2021 to May 31, 2022 and the third time from July 1 to December 31, 2023.

Thanks to the tax cut, the automobile market witnessed positive sales growth rates in the last five months of the year.

However, the total number of domestically assembled cars was just 347,400 in 2023, a decrease of 12.3 percent compared with the previous year. The noteworthy point was the sharp increase in domestically made cars which accounted for 74.7 percent, while imports decreased, accounting for 25.3 percent of new car output of the year.

7. Car prices decreased 

The year 2023 witnessed a race among manufacturers and dealers to slash selling prices in many market segments. The sharpest price decreases were reported for  cars unsold in 2022. However, some models also saw prices cut just one or two months after launching.

Car dealers offered attractive preferences to attract car buyers, including gifts (spare parts), discounts, and support in vehicle registration.

The actual price customers had to pay for BMW 735i M Sport in October was VND450 million lower, while customers could buy Volkswagen Touareg Luxury in December with a price reduction of VND400 million.

VietNamNet