Latest News about automobile industry
The prices of domestically assembled automobiles are expected to go down once the luxury tax policy is amended. Strategic small-capacity and fuel saving models will be given priority.
Vingroup has sent a dispatch to the Ha Tinh provincial People’s Committee, proposing a project on an automobile complex.
The global vaccination led to a positive economic outlook, resulting in faster and stronger demand for car.
Experts have suggested imposing high taxes on vehicles and encouraging the use of electric cars.
On March 24, Vinfast made headlines after releasing its statement about receiving orders for its first electric car model VF e34 for VND690 million (about $32,000), to be delivered in the third quarter of 2021.
In Southeast Asia, Thailand and Indonesia are running a race to become electric car manufacturing centers of the region and the world. Will Vietnam join the race?
Car sale agents have launched promotion programs in an effort to clear stock, but the price reductions are lower than those in the same period last year.
Indonesia aims to become an electric car manufacturing center in the region in the next few years, which will be a competitive challenge for Vietnam's domestic automobile industry.
The Ministry of Investment and Trade (MOIT) has announced that a special bidding session, held once a year, will be organized in May for the right to import used cars.
Though the automobile market has become big enough for manufacturers to step up domestic production, industry policies remain unencouraging.
Vietnam aims to obtain a GDP growth rate of 6.5 percent this year and average income per capita of $3,700. With rising incomes, car sales are expected to boom.
Automobile manufacturers are implementing their plans to introduce new models with the hope of boosting sales, despite Covid-19.
The slow sales of electric cars indicate that Vietnamese are still hesitating to use this kind of vehicle. The problem is not high price, but concern about operation and local infrastructure such as recharging stations.
Vietnamese enterprises are nurturing the dream of exporting CBU (completely built up) cars, which has partially come true, though exports remain very modest.
Vietnam’s rising income per capita would soon move cars from a luxury product with a passenger vehicle density of 34 per 1,000 to a more ordinary one with a density level comparable to countries in the region.
Vietnam’s industry has seen the fastest upward movement in ranking in global competitiveness among Southeast Asian countries, coming closer to the top 4 ASEAN countries.
The sales of luxury models in 2020 saw a slight decrease compared with 2019, but the market segment did not bear heavy impact from the pandemic. Wealthy people still spent money on luxury cars and the market was still bustling.
Chinese car brands made a breakthrough in 2020 when their cars began selling well in Vietnam, which had never before favored products from China.