Car sales in Vietnam forecasted to reach 400,000 this year

Car sales in Vietnam have been forecasted to hit the record high of 400,000 by the end of this year.

Car sales in Vietnam forecasted to reach 400,000 this year

According to the Vietnam Automobile Manufacturers’ Association (VAMA), in November, the association members sold 289,128 cars.

Meanwhile, TC Motor sold alone 70,802 cars between January and November, raising the total car sales during the 11-month period in the Vietnamese market to 359,930 compared to 352, 209 of last year’s same phase.  

By late December, car sales would climb to nearly 400,000, including Vinfast and Mercedes-Benz, the record high so far.

In the first 11 months of this year, Hyundai topped the country’s car sales of 70,802, followed by Toyota with 70,633, Honda with 30,113, Mazda with 29,498, Ford with 29,080 and Kia with 26,900.

This is seen as a successful year for Mitsubishi with 26,765 cars sold during the period, ranking the 7th in the market and six times higher than that of 2018. Of the figure, 17,306 were Xpander model.

Despite lower prices, car prices in Vietnam are still 10-20% higher than many regional countries due to high taxes.

 

Locally-made and assembled cars remained inferior to imported models as producers have to pay high taxes for spare part import.

The Ministry of Industry and Trade has forecasted that car import value would be USD3.4 billion this year and the figure would be higher in the coming years. This not only seriously affects domestic automobile production but also affects the trade balance.

The ministry has proposed solutions to support domestic car manufacturers, including not applying special consumption tax for vehicles which are locally-produced, as part of efforts to reduce the price of cars.

VietNamNet/Dtinews

When will cars in Vietnam be cheaper?

When will cars in Vietnam be cheaper?

The high production costs, taxes and fees all make automobile prices in Vietnam much higher than in other countries in the region.

Cheap Thai cars land in Vietnam, Chinese imports stop suddenly

Cheap Thai cars land in Vietnam, Chinese imports stop suddenly

Cars from Thailand led the market in the first 10 months of 2019, while fewer Chinese products have been imported because of the controversy about China's map with nine dash line.

 
 

Other News

.
China resumes importing Vietnamese dragon fruit, bananas
China resumes importing Vietnamese dragon fruit, bananas
BUSINESSicon  10/09/2021 

China has agreed to resume importing Vietnamese dragon fruit and bananas through the Kim Thanh International Border Gate in Lao Cai province following a hiatus due to COVID-19.

Digital transformation to increase productivity: the only way to not lag behind
Digital transformation to increase productivity: the only way to not lag behind
FEATUREicon  10/09/2021 

At Garment 10 Company, productivity increased exponentially after new technologies and digitalization of the production line were applied.

Vietnamese households to spend more on food
Vietnamese households to spend more on food
BUSINESSicon  10/09/2021 

The average Vietnamese household will spend 20.8 per cent of their total household budget on food in 2025, marginally increasing from 20.1 per cent in 2005, according to global financial services provider Fitch Solutions.

Two out of five Vietnamese consumers will abandon long online banking account applications
Two out of five Vietnamese consumers will abandon long online banking account applications
BUSINESSicon  10/09/2021 

Vietnamese consumers expect a seamless banking experience when it comes to opening an account via a mobile app or website, with two in five expecting to answer 10 questions or less or they will abandon the process.

Garment-textile, footwear may take long time to recover: insiders
Garment-textile, footwear may take long time to recover: insiders
BUSINESSicon  10/09/2021 

Viet Nam’s garment-textile and footwear sectors have endured the brunt of COVID-19 and firms may take a long time to recover, experts said.

VN industrial, logistics real estate a resilient asset class: analysts
VN industrial, logistics real estate a resilient asset class: analysts
BUSINESSicon  09/09/2021 

Demand for e-commerce and pharmaceuticals ensure that the industrial and logistics real estate segments remain the most resilient asset class in 2021, experts have said.

Vietnam to issue a tax decree on cross-border e-commerce
Vietnam to issue a tax decree on cross-border e-commerce
BUSINESSicon  09/09/2021 

Vietnam intends to issue a new decree to regulate cross-border e-commerce deliveries amidst the e-commerce boom.

State Bank agrees to extend debt rescheduling for six months
State Bank agrees to extend debt rescheduling for six months
BUSINESSicon  09/09/2021 

The State Bank of Vietnam (SBV) has agreed to extend debt rescheduling for customers for a further six months.

VIETNAM BUSINESS NEWS SEPTEMBER 9
VIETNAM BUSINESS NEWS SEPTEMBER 9
BUSINESSicon  09/09/2021 

Wood exports plummet as amid virus outbreak

Food prices in Vietnam the cheapest in Southeast Asia
Food prices in Vietnam the cheapest in Southeast Asia
BUSINESSicon  09/09/2021 

According to a report by iPrice, grocery prices in Vietnam are among the cheapest in Southeast Asia after comparing prices for groceries in Southeast Asia from Numbeo.

Plans afoot to push production ahead
Plans afoot to push production ahead
BUSINESSicon  08/09/2021 

Domestic production has been hit hard this year, with numerous enterprises facing greater woes and leaving the market. However, the situation could be eased by a new special taskforce established by the prime minister.

Longer-term FDI strategy in need of situational tweaks
Longer-term FDI strategy in need of situational tweaks
BUSINESSicon  09/09/2021 

The pandemic is forcing a number of factories to either stop operations or pare down capacity, which has increased pessimism about the short-term outlook of Vietnam’s business environment.

Businesses in green zones resume operation
Businesses in green zones resume operation
FEATUREicon  09/09/2021 

With control loosening, businesses in green zones in Hanoi will be able to restart their production and business activities. But they fear that control may tighten again if the outbreak gets worse.

Jan-Aug period sees 24 wind power plants commissioned
Jan-Aug period sees 24 wind power plants commissioned
BUSINESSicon  08/09/2021 

Twenty-four wind power plants with a combined capacity of 963 MW began commercial operations in the year to August, according to the Vietnam Electricity Group (EVN).

Driving force needed for economic recovery in HCMC after Covid-19 pandemic
Driving force needed for economic recovery in HCMC after Covid-19 pandemic
BUSINESSicon  09/09/2021 

A research team from the University of Economics and Law under the National University of Ho Chi Minh City, on September 6, announced the result on the topic "Creating the driving force for economic recovery in HCMC in the fourth wave of Covid-19".

Local auto industry needs support amid pandemic
Local auto industry needs support amid pandemic
BUSINESSicon  08/09/2021 

Domestic automobile manufacturers have urged the Ministry of Finance to revise criteria for production capacity so as to enjoy a preferential tax incentive policy for imported automobile parts.

Export outlook depends on virus control
Export outlook depends on virus control
BUSINESSicon  08/09/2021 

Vietnam's exports may reach as high as US$313 billion by the end of 2021, a 10.7 per cent increase year-on-year, only if the country manages to stop the spread of the novel coronavirus, according to a report by the Ministry of Industry and Trade. 

VIETNAM BUSINESS NEWS SEPTEMBER 8
VIETNAM BUSINESS NEWS SEPTEMBER 8
BUSINESSicon  08/09/2021 

Deputy PM heads State Steering Committee for Key Petroleum Projects

Authority warns about consumer lending amid pandemic
Authority warns about consumer lending amid pandemic
BUSINESSicon  08/09/2021 

The Ministry of Industry and Trade’s Department of Competition and Consumer Protection has recently warned consumers about signing consumer loan contracts.

Vietnamese may be allowed to bet on foreign football leagues
Vietnamese may be allowed to bet on foreign football leagues
BUSINESSicon  08/09/2021 

Vietnamese people will be able to legally bet on many foreign football leagues if a draft decree on football betting is passed.

 
 
 
Leave your comment on an article

OR QUICK LOGIN