Businesses in Vietnam imported 70,915 completely built-up (CBU) vehicles worth US$1.65 billion between January and June, up 11.4% in volume and 5.2% in value, according to the General Department of Vietnam Customs.

Many car manufacturers have applied a 50 per cent cut in registration fees for buyers, depending on car models.

Members of the Vietnam Automobile Manufacturers Association (VAMA) sold 23,800 vehicles in June, up 15% from the previous month, VAMA announced on July 12.

Vietnamese like the convenience and practicality of micro electric cars which allow them to travel within the city, but the high prices and the lack of smart technologies may keep them from buying, analysts say.

Cars will enjoy a 50 per cent cut in registration fees from July 1 after Deputy Prime Minister Le Minh Khai on June 28 signed a decree on registration fee reduction for domestically manufactured and assembled automobiles.

The automobile market continues to be gloomy with weak demand. Sales of imported cars are even worse as only domestically assembled cars can enjoy the 50 percent vehicle registration tax cut per a government decision.

Thailand has surpassed the likes of Indonesia and China to become Vietnam’s largest automobile supplier during the opening five months of the year, according to the General Department of Vietnam Customs.

The Government has approved a proposal to reduce the registration fee for domestically manufactured automobiles by 50%. However, the Ministry of Finance has predicted that the fee cut may not have the desired impact.

Domestically produced and assembled cars are to have their registration fees slashed by half during the last six months of 2023, according to the Government Office.

Many car dealers have complained that the market is sluggish and the inventory level is alarming. The long-lasting losses have forced them to cut their workforce or even consider shutting down.

Members of the Vietnam Automobile Manufacturers’ Association (VAMA) sold 22,409 automobiles of all kinds in April, a month-on-month drop of 25%.

Vietnam spent more than US$1.2 billion on importing 54,344 completely built-up (CBU) vehicles during the initial four months of the year, marking a surge of 47.2% in volume and 33.4% in value year on year.

The Ministry of Finance has reiterated its rejection of a proposal to reduce 50% of the registration fee for local car manufacturers.

Automobile sales saw growth in the first quarter of this year as manufactures launched promotions together with increases in supply and lower...

Under a roadmap approved by the government in Decision 876, 100 percent of transport vehicles such as cars and motorbikes will have to shift to electricity and green power by 2050.

Vietnamese consumers show an increasing preference for SUVs, CUVs, and MPVs over sedans due to their practicality, as observed on popular Vietnamese car listing websites.

Vietnamese firms spent over 903 million USD in the first quarter importing 41,780 completely-built-up (CBU) cars, according to a report by the General Statistics Office (GSO).

Thailand once again led the market in terms of value and the number of CBU (complete built unit) cars imported to Vietnam in February 2023.

Brand-new automobiles will be exempt from the first mechanical check under a revised circular on technical safety and environmental protection promulgated by the Ministry of Transport.