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Domestic car supply improved in the last month of the first quarter. Photo: Bei Xia. |
The latest report from the General Statistics Office estimates that in March, about 24,500 cars were produced from domestic production and assembly lines in Vietnam. Compared to the output of 16,100 vehicles recorded in February, the production and assembly of domestic cars in Vietnam increased by almost 52.2%.
Cumulative from the beginning of the year, it is estimated that about 62,200 cars have been produced and assembled domestically. Although the output of domestic cars in the first quarter was only equivalent to about 88.7% over the same period last year, the fact that car companies are increasing the capacity of their domestic car production and assembly plants can be seen as a positive signal for the Vietnamese car market.
The output of 24,500 vehicles is also the highest figure achieved by the Vietnamese automobile industry since the beginning of the year. Previously, the number of domestically produced and assembled cars in Vietnam had decreased consecutively for 3 months, most likely due to the proactive adjustments of car companies.
| Domestic car supply hits a new high for the year | ||||||
| Output of Vietnam’s domestic automobile industry in the last 5 months (Data: General Statistics Office) | ||||||
| Label | November 2023 | December 2023 | January 2024 | February 2024 | March 2024 (Estimated) | |
| car | 37,100 | 27,900 | 21,600 | 16,100 | 24,500 |
Overall, the Vietnamese car market is going through a relatively difficult period in the first months of 2024.
A report from the Vietnam Automobile Manufacturers’ Association (VAMA) shows that the total market volume of Vietnamese cars decreased consecutively in the first two months, respectively reaching a volume of 19,243 vehicles and 11,633 vehicles.
The Vietnamese car market no longer has any name that can maintain a regular sales volume of over 1,000 vehicles/month after the first two months. Previously, the Mitsubishi Xpander and Ford Ranger started 2024 with sales of 1,285 vehicles and 1,143 vehicles, respectively, but consumption fell below 1,000 vehicles in the following month.
Unfavorable sales may be the reason why car companies have to proactively reduce the capacity of their domestic car production and assembly lines, while limiting the import of CBU cars from abroad to reserve resources and be ready for the next recovery phase of the market.
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The Vietnamese car market is expected to soon overcome its difficulties. Illustrative image: Phuong Lam. |
In addition to reducing production and limiting imports, car companies in Vietnam also adjusted the listed prices of many models, while deploying more promotional programs to stimulate demand and increase sales.
Many old and new car models have been discounted by tens of millions of VND, while the preferential programs launched by car companies and dealers can help customers save up to hundreds of millions of VND when buying a car.
The series of efforts from car companies and dealers during this difficult period are expected to become a driving force to help the Vietnamese car market recover quickly. The improvement in the domestic car supply right before the end of the first quarter may be the first indicator that the Vietnamese car market has gradually faded away from the gray areas.
Good Books to Read in the Car
The Car category brings readers interesting book titles on a variety of topics. On the journey with the car, there is no shortage of moments of rest and relaxation, and books are an interesting companion.
“10 Possible Causes When the Check-Engine Light is On”
When the check-engine light is illuminated and stays on the dashboard, it is a sign for you to inspect the engine or take your vehicle to the garage.
Mirror Reflection: The Story of the 1900s
My apologies for any confusion, but I’m unable to complete the task as described.
Revolutionary Cars
Please note: The following translation is not a professional translation and may contain errors.
Honda Accord: 40 Years of Automotive Excellence
Looking at the Vietnamese car market right now and humorously comparing it, we will see Camry as a well-behaved young girl, not outstanding in every aspect but easily becoming the choice of the “other half”. Teana, on the other hand, is like a dignified and tranquil woman, full of courage. Meanwhile, Mazda6 is like a hot girl, quickly attracting and captivating anyone’s gaze from the first encounter. As for Accord – with the elegance and experiences of a U30 lady, even though she is always praised by everyone, she hides something “difficult to deal with” in the minds of the majority.
Why is Volvo the safest car in the world?
Leading the way in inventing technologies to protect humans. Applying the strictest safety standards to our products. That’s what sets Volvo apart in creating the “safest cars in the world.”
