Latest News about automobile market
As Vietnam has set new policies to encourage domestic production, car manufacturers have resumed the assembling of some bestsellers in Vietnam to enjoy incentives.
The automobile market is expected to boom this year as the Government mulls a number of favourable policies to help reduce costs, improve demand and increase output.
Ford Vietnam on January 14 announced it was investing another US$82 million (VND1.9 trillion) to upgrade its Hai Duong assembly facility and expand its annual production capacity to 40,000 vehicles.
Among the incentives, the government is urged to lower the special consumption tax for locally made parts to help them reduce prices to compete with foreign manufacturers.
Hopes of a big rise in car sales in October thanks to a steep drop in prices and the rollout of new models have been dashed, spreading more gloom about the sector’s health.
Vietnam's automobile market is expected to set a new sales record this year with sales of the Vietnam Automobile Manufacturer Association (VAMA) members and TC Motors averaging nearly 32,000 cars each month in January-September.
The taxes on imported cars from Europe to Viet Nam will drop to zero per cent in the next nine to 10 years, creating new competitiveness in the automobile market.