According to the Vietnam Automobile Manufacturer Association (VAMA), 36,560 cars were sold in October, up 9.3 percent over September and 22.7 percent up year-on-year. This included 28,230 cars, 8,003 commercial vehicles and 327 specialized vehicles, up 10 percent, 6 percent and 4 percent, respectively, over September.

The automobile market maintained growth in 2022. In January-October, VAMA’s members sold 397,457 products, while Thanh Cong sold 64,494 Hyundai cars and VinFast sold 18,052 cars by September. 

The total number of automobiles sold in January-October 2022 reached 415,000. 

Of seven Southeast Asian countries in the first half of 2022, Vietnam ranked fourth, after Indonesia, Thailand and Malaysia for output and sales. However, it was the fastest growing market in the region. 

Experts said once Vietnam reaches the 500,000 car threshold, the impact on manufacturing as well as priority orders in the Vietnamese market will lead to changes.

Ford Vietnam earlier said it hoped 2022 would be the first time Vietnam reached the 500,000 cars per year threshold. Higher capacity will facilitate domestic auto-makers and offer opportunities to develop green vehicles, especially electric vehicles.

The e-vehicle market in the country is still in its infancy. VinFast sells electric vehicle models such as VF e34, and VF 8, and Audi and Mercedes-Benz began selling products after exploring the market.

Electric vehicle models in popular market segments such as MG4 and MG Marvel R show bright prospects. The infrastructure for electric vehicles has begun to develop. Analysts say there should be a charging system with large coverage that provides service at reasonable costs.

Manufacturers are sprinting for the year-end sale season. However, market demand is being affected by the short supply of car parts and demand influenced by tightened credit policy.

Hoang Hiep