The Ministry of Planning and Investment (MPI) is compiling a plan to develop the automobile industry in the post-Covid-19 period with many new solutions.

To own a super luxury car, one has to pay tens of billions of dong in taxes and fees, which are 3-4 times higher than imported car prices.

The Vietnamese automobile market is full of potential with predicted sales of up to 1.8 million products a year, but it still remains risky to invest in the industry.

Car trading companies are complaining about high inventories and sharp profit decreases as people have cancelled car purchase plans amid Covid-19.

Chinese cars can attract Vietnamese customers because they cleverly imitate European, Japanese and American luxury models in appearance, while the selling prices are very reasonable.

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.

The foreign capital inflow into Vietnam will help local enterprises expand their production, but the opportunity can only be grabbed by capable enterprises.

While automobile manufacturers in the world have laid off workers in large quantities to reduce operation costs during the Covid-19 crisis, automobile joint ventures in Vietnam have retained their workforce.

Car sales dropped sharply by 40 percent in Q1 2020 as several industries cannot reach agreement on solutions to develop the automobile industry.

As predicted by experts, the Vietnamese automobile market continues sliding as manufacturers cannot sell products and their production has arrived at a ‘new normal’.

The decision, set to valid until the end of 2020, would help customers save thousands of dollars.

Chinese cars will flood the Vietnamese market, both CBU and domestically assembled products, soon after the epidemic ends.

The inventory index of the automobile industry is 122.5 percent in Q1 compared to the same period last year, though the output has decreased by 10.4 percent.

Car sales have dropped to a 5-year low and may continue to slide if the pandemic persists.

Vietnamese automobile manufacturers are cherishing the dream of entering the world market.

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.

The domestic car market is gloomy as people are not making purchases despite the sharp price falls.

With preferential tariffs beginning in 2020, used luxury cars from CPTPP-member countries will be available in Vietnam.

The US-based General Motors (GM) has stated it will stop selling Chevrolets this year and shut down its factory in Thailand from which Chevrolets are exported to Vietnam.