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The latest report from the General Statistics Office estimates a domestic automobile output of 38,200 units in October, marking a near 6% increase from the previous reporting period.
This estimated figure also represents a new peak in the output of domestically assembled automobiles.
After a relatively stagnant second quarter, the automobile manufacturing and assembly sector is witnessing robust growth in the final quarter of the year.
| Domestic Automobile Output Reaches a New High in 2024 | |||||||||||
| Automobile Production and Assembly in Vietnam from the Beginning of the Year (Data: General Statistics Office) | |||||||||||
| Label | January | February | March | April | May | June | July | August | September | October (Estimated) | |
| cars | 21,600 | 16,100 | 24,800 | 27,300 | 27,000 | 28,000 | 29,700 | 32,500 | 36,100 | 38,200 |
Cumulatively, domestic automobile assembly lines are estimated to have produced 284,100 vehicles of various types since the beginning of the year, reflecting a nearly 16% increase compared to the same period last year. Notably, the automobile output for October surpassed the figure for October 2023 by 40%.
The Vietnamese automobile market has entered the final month of the fourth promotional period for registration fees for domestically assembled vehicles. Currently, this group of vehicles is eligible for a 50% discount on registration fees.
While this policy is not new, it is always considered an effective “medicine” to stimulate the Vietnamese automobile market.
Parallel to the improvement in domestic automobile output, there are also positive signs of growth in automobile purchases by Vietnamese consumers, as evident in the first month of the registration fee incentive.
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According to a report by the Vietnam Automobile Manufacturers’ Association (VAMA), the total market sales in September reached 36,585 units, reflecting a 45% growth compared to August and a 44% increase from the same period last year.
Hyundai’s sales of passenger and commercial vehicles reached 6,518 units in September, while VinFast successfully delivered over 9,300 electric vehicles to Vietnamese customers during the same period.
Hyundai assembles almost all of its automobile products in Vietnam. VinFast’s electric vehicles, which are produced domestically, are exempt from registration fees in line with the general policy for electric vehicles.
Thanks to a booming September, domestically assembled vehicles have regained their dominance after several reporting periods where imported vehicles outsold their locally assembled counterparts. Of the 225,583 vehicles sold so far this year, 113,641 were domestically assembled, while the sales figure for imported vehicles stood at 111,942.
According to VAMA data, the Mitsubishi Xpander and Ford Ranger are currently the best-selling models in Vietnam, with respective sales figures of 12,956 and 11,766 units.
VinFast, meanwhile, is aiming to become the best-selling automobile brand in Vietnam in 2024, a goal it is likely to achieve in November. VinFast’s key models, such as the VF 3 and VF 5, are performing well, while the more premium VF 6, VF 7, VF 8, and VF 9 are also competing strongly in the pure electric vehicle segment.
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