Chinese automaker Chery's Omoda&Jaecoo and Vietnamese company Geleximco signed a joint venture agreement on April 4 in the northern province of Thai Binh to construct a US$800 million automobile plant.

The number of imported completely-built units (CBU) during the opening two months of the year was estimated to be at 16,452 with a value of over US$345 million, with the majority of cars being imported from the Indonesian market.

A detailed analysis of automobile buyer behavior, conducted by ABeam Consulting Vietnam, has revealed insightful patterns and preferences that are shaping the Vietnamese automobile market.

With the shortage of charging stations for electric cars, hybrid cars are proving to be a better alternative for now because they don’t require investment in infrastructure.

The increase in the number of electric vehicles from 138 units in 2019 to over 28,000 electric vehicles and 3,557 hybrid vehicles in September 2023 is a clear indication of the growing interest in these vehicles among consumers.

These policies are outlined in Decree 90/2023/ND-CP, which regulates the collection rate, collection, payment, exemption, management and use of road user fees.

The decline in domestic automobile consumption and its drop to fifth place in Southeast Asia can be attributed to both external and internal factors, according to industry insiders.

The domestic car output in the first month of 2024 fell sharply compared with the previous month, but was still higher than the same period last year.

Thailand surpassed Indonesia last year to become Vietnam’s largest car exporter with imports from the country accounting for 45 percent in quantity and 40.5 percent in value.

Several car companies have responded to the changing market conditions by implementing various strategies to stimulate sales.

Members of the Vietnam Automobile Manufacturers’ Association (VAMA) saw their sales drop by 25 per cent on-year in 2023.

2023 was a challenging year for the Vietnamese automobile market as sales fell 25% year-on-year despite a 50% cut in the registration fee from July 1, according to the Vietnam Automobile Manufacturers Association (VAMA).

The domestic automobile market has faced both opportunities and challenges in the year 2023.

Most of Toyota’s car models available in Vietnam have not been affected by Daihatsu’s safety testing scandal, but clients’ sentiments have changed.

The domestic auto market in Vietnam is experiencing a decline in car sales after the promotion programs ended.

Thailand has topped the list of suppliers of cars to Vietnam over the past 11 months, according to the General Department of Vietnam Customs.

November was the second consecutive month that the auto market went sideways, reported the Vietnam Automobile Manufacturers’ Association (VAMA) on December 12.

The domestic auto market in Vietnam is experiencing a decline in car sales due to sluggish customer demand compared to previous years, despite price reductions and promotions offered by car manufacturers during the peak shopping season.

Vietnam spent approximately US$255 million on importing over 9,600 completely built unit (CBU) cars in October, marking an increase of nearly 30% in volume compared to the previous month, according to the General Department of Customs.