automobile industry

Update news automobile industry

Automobile sales in Vietnam posted a month-on-month increase of 20% and a year-on-year surge of 88% in July, the Vietnam Automobile Manufacturers’ Association (VAMA) reported on August 11.

VinFast signs 4-billion-USD deals with Credit Suisse, Citigroup for EV factory in US

Automaker VinFast on July 13 announced that it has signed agreements with Credit Suisse (Singapore) Ltd and Citigroup Global Markets Inc. to raise at least 4 billion USD to develop an electric vehicle factory in North Carolina, the US.

Most Vietnamese need about 12 years of savings to buy a car

With the average income per capita of VND4.25 million a month in 2020, Vietnamese people would have to save money for 12 years to buy a car worth VND600 million (US$30,000).

Luxury-tax hike should be postponed until after 2024

Discussing the luxury tax law, experts said it is necessary to design a reasonable taxation roadmap and begin raising the tax only after 2024.

Which localities have the lowest number of car buyers?

Nine provinces have the lowest number of car buyers in the country, with fewer than 1,000 cars bought in each area.

Vietnamese car buyers wait for deliveries amid shortage of car parts

The car part shortage crisis in the world has affected the Vietnamese market as car buyers have been told to wait for deliveries.

People in poor provinces are buying more cars

Nghe An, Ha Tinh and Thanh Hoa were among the 10 provinces with the highest numbers of cars bought in 2021. They are among the 10 provinces with the highest number of poor households.

Association: Regulations on localization ratios stifle VN automobile industry

Vietnam Association of Mechanical Industry (VAMI) believes the method of determining the localization ratio in cars is not consistent with the Law on Promulgation of Legal Documents and is no longer suitable to the new circumstances.

Surprise: Poor province leads in number of cars bought

Hanoi continued to lead cities and provinces in the number of cars bought in 2021, followed by HCM City and Hai Phong. Nghe An province was among the top four car buyers.

Vietnam auto industry makes little headway over last five years

As many as 299,800 cars were domestically manufactured and assembled in Vietnam in 2021, a 9.1 percent increase compared with 2020, according to the General Statistics Office (GSO).

VN Government issues new decree on registration fees

 Deputy Prime Minister Le Minh Khai has recently signed Decree No. 10/2022 on regulating registration fees. The decree will take effect from March 1 this year.

 

Vietnam to shift to clean-fuel vehicles by 2035

Vietnam’s electric automobile industry has started and many enterprises want to join the automobile production chain as they can see great opportunities.

Tax rescheduling proposed to support local automobile industry

The Ministry of Finance (MoF) has proposed rescheduling excise tax payments for local automobile manufactures and assemblers.

Vietnam, Russia to ink protocol on automobile production cooperation

Deputy Minister of Industry and Trade Dang Hoang An and his Russian counterpart Alexey Gruzdev had an online working session on November 3.

Car importers’ request for lower registration tax worries domestic manufacturers

The request for a registration tax cut, if approved, will mostly benefit luxury car buyers.

11 imported-car distributors propose 50% reduction in registration fees

The Vehicles Importers Vietnam Association (VIVA) has submitted a written proposal to the Ministry of Finance regarding a 50% cut in car registration fees.

Vietnam needs long-term vision to develop automobile industry: experts

After 30 years of development, Vietnam’s enterprises can only make 287 car parts, which are mostly simple products. The industry uses a large amount of labor and has low added value and high production costs.

Car sales drop, prices plummet

Automobile manufacturers are facing sharp drop in sales and increased inventories as social distancing has been imposed in many cities and provinces, vehicle registration has been halted, and sale agents have had to close the doors.

Ministries want to amend luxury tax policy to ease automobile prices

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.

 

Car dealers offer big discounts amid Covid-19 outbreak

Car sales have dropped sharply because of the fourth Covid-19 outbreak, prompting dealers to offer big discounts.