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A bustling scene of multiple car brands being assembled in Vietnam. Photo by: Việt Linh. |
The new policy on reduced registration fees for domestically assembled cars took effect on September 1st, and right before this decision, the output of Vietnam’s domestic automobiles had already increased significantly.
According to the General Statistics Office, an estimated 31,300 cars were produced in August from domestic assembly lines, marking a remarkable 47% year-on-year growth compared to August of the previous year.
With this latest output, the domestic automobile production in Vietnam has reached its peak for the year so far. Additionally, this is the third consecutive month of positive growth in the domestic automobile industry.
| Domestic car production hits a new high for the year | |||||||||
| Automobile production and assembly in Vietnam from January to August 2024 (Data source: General Statistics Office) | |||||||||
| Labels | January | February | March | April | May | June | July | August (Estimated) | |
| cars | 21,600 | 16,100 | 24,800 | 27,300 | 27,000 | 28,000 | 29,700 | 31,300 |
From the beginning of the year until now, approximately 205,900 domestically assembled cars have rolled out of Vietnam’s assembly lines. This number represents an 8.7% increase compared to the same period last year.
Vietnamese customers now have a wide range of domestically assembled car brands to choose from, including well-known names such as VinFast, Hyundai, Kia, Mazda, Mitsubishi, Ford, Honda, Toyota, Peugeot, BMW, and Mercedes-Benz.
In addition to serving the domestic market, some of these assembled cars are also exported, as is the case with VinFast’s electric car models.
As of the end of July, the sales balance for automobiles in Vietnam temporarily favored imported cars. The sales figure for imported cars from the beginning of the year stood at 82,167, while the sales of domestically assembled cars for the same period reached 81,637.
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The VinFast VF 5 Plus, one of the best-selling assembled car models in Vietnam. Photo by: VinFast. |
The VinFast VF 5 Plus and the Mitsubishi Xpander are among the most popular choices for Vietnamese customers, with sales figures of approximately 15,000 and 9,265 units, respectively.
Out of the total sales for the Mitsubishi Xpander, 8,336 units were contributed by imported cars, accounting for nearly 90% of the total. On the other hand, the Ford Ranger sold 9,019 units, with 7,400 of them being domestically assembled, constituting 82% of the model’s total sales.
Currently, domestically assembled cars in Vietnam are benefiting from a 50% reduction in registration fees, thanks to a government-led program that will last for three months, starting from September 1st.
VinFast is offering an additional 50% discount on registration fees for its electric car models VF 6, VF 7, VF 8, and VF 9 until November 30th. Combined with the existing 100% discount on registration fees for electric cars in Vietnam, this results in a total incentive equivalent to 150% of the registration fee value for these VinFast electric car models.
Recommended Reads for Your Next Trip
Our Automotive section offers a diverse range of captivating book titles to keep you engaged during your travels. Whether you’re on a long drive or taking a break from your journey, these books will be your delightful companions.
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