Chinese automakers have entered the Vietnamese market with a surprising strategy, introducing vehicles at higher price points rather than competing in the budget segment.

The Vietnamese government has announced a temporary 50% reduction in registration fees for domestically produced and assembled cars on August 30.

Pent-up demand is due to push up car sales in the final months of the year, according to experts.

The General Department of Customs has reported a significant surge in the number of imported cars into Vietnam.

The current state of the local car market is being significantly affected by a mix of traditional beliefs and policy uncertainties, according to experts.

With the Vietnamese government yet to finalize a policy on reducing vehicle registration fees, several automotive companies have taken the initiative to extend discounts equivalent to 50-100% of these fees.

The domestic used car market has shown a robust recovery in the first half of 2024, marking a significant turnaround from the slump experienced in 2023, according to industry insiders.

BYD's latest move shows that it just wants to sell products in the Vietnamese market rather than set up a factory and make a long term investment here.

Vietnamese firms imported 91,585 completely-built-up (CBU) cars worth nearly US$1.89 billion in the first seven months of the year, up 90.4% in volume and 54.8% in value year on year, according to the General Department of Vietnam Customs.

Despite numerous efforts to stimulate consumer demand, Vietnam's auto market continues to grapple with weak sales and persistent challenges.

The Ministry of Industry and Trade (MoIT) is seeking public comments on the draft to finalise the regulations for importing used cars under the CPTPP tariff quota system in Việt Nam.

Most of China's top 10 automobile manufacturers in Vietnam have ambitious business strategies.

Buying and selling in the used car market have been interrupted amid information about a possible government decision on vehicle registration tax cuts, commencing on August 1, applied to domestically assembled cars.

Vietnam’s automobile market is expected to bounce back in the last months of 2024 if a proposal to cut registration fees by a half for domestically manufactured and assembled cars is approved.

There are about 2.4 million cars in circulation and most of them run on gasoline, but by 2050 most vehicles will be electric, a report says.

Despite a slowdown in the Vietnamese car market, the influx of foreign cars remains strong.

The news that the government may approve a 50 percent vehicle registration tax cut applied to brand new domestically-assembled cars has caused people to postpone their purchases until the cut goes into effect.

Sales of used cars have bounced back after a long period of slow growth. Many buyers have cancelled their plans to buy new cars and have bought used autos instead.

The development of electric vehicles in the Vietnamese market has shown significant progress in recent years.