More and more cheap cars will flood the Vietnamese market in upcoming months as automobile manufacturers in Thailand and Indonesia have urged their governments to apply measures to boost car exports.
The outbreak of the coronavirus has had negative effects on global supply chains in the world’s automobile industry.
Instead of reducing taxes and fees, the State needs to set reasonable policies to develop automobile supporting industries, experts say.
The Ministry of Finance has officially asked the Government to cut 50 percent of the registration fee for customers who buy locally-produced and assembled automobiles.
Car sales dropped sharply by 40 percent in Q1 2020 as several industries cannot reach agreement on solutions to develop the automobile industry.
The decision, set to valid until the end of 2020, would help customers save thousands of dollars.
The luxurious car market is expected to develop strongly this year, despite the automobile industry facing challenges due to the COVID-19 pandemic,...
If the government agrees to slash taxes and fees for domestically assembled cars, this will be a ‘doping dose’ for domestic automobile manufacturers and consumers.
The number of garment orders for the next two months has decreased by 70 percent, while wooden furniture enterprises have cut capacity by 70 percent for next week. Automobile manufacturers have closed factories.
Despite sharp price cuts of hundreds of million of dong, cars still cannot find buyers. The automobile market is predicted to see a minus 15 percent growth rate this year.
Vietnam is striving to successfully build up its automobile industry.