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The latest report from the General Statistics Office reveals that domestic car production reached an estimated 47,300 units in November, a slight increase from the previous month’s output.
Cumulatively, Vietnamese car manufacturers have produced approximately 336,500 vehicles of all types since the beginning of the year, marking a 22.4% increase compared to the same period last year.
With nearly 47,300 cars rolling off the production lines in the penultimate month of the year, domestic car production in Vietnam has set a new annual peak, following consecutive record-highs in September and October.
The fee exemption for domestically assembled cars, which was in effect from September to November, has had a positive impact on the Vietnamese automotive industry, reflected in both sales figures and domestic car production.
During the three-month fee exemption period, an estimated 129,400 domestically assembled cars were produced, accounting for nearly 38.5% of the total annual production so far.
| Strong growth in car production during the three-month reduced fee period | ||||||||||||
| Trend of assembled car production in Vietnam in the first 11 months (Data: General Statistics Office) | ||||||||||||
| Label | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov (Estimated) | |
| cars | 21600 | 16100 | 24800 | 27300 | 27000 | 28000 | 29700 | 32500 | 36100 | 46000 | 47300 |
Turning to sales figures, the Vietnam Automobile Manufacturers’ Association (VAMA) reports that September and October witnessed a rapid increase in car purchases by Vietnamese consumers.
The peak sales figure for the entire Vietnamese car market in 2024 was continuously broken and surpassed, with the highest monthly sales reaching 38,761 units in October.
The fee exemption also shifted the sales balance in favor of domestically assembled cars. After ten months, sales of assembled cars reached 134,754 units, a 3% decrease, while imports saw a significant increase of 35% year-on-year, with 129,590 cars sold to Vietnamese customers.
Excluding VinFast electric car models, the top 10 best-selling cars in Vietnam so far this year includes five models that are entirely domestically assembled: Mazda CX-5, Toyota Vios, Hyundai Accent, Honda City, and Hyundai Creta.
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The Mitsubishi Xpander has a domestically assembled manual transmission version. Out of the 13,647 Ford Rangers sold to Vietnamese customers this year, 11,221 were assembled locally.
Both sales and production of domestically assembled cars in Vietnam are expected to continue rising in the remaining months of the year.
Car manufacturers may aim to boost their assembly operations to build inventory for the year-end shopping season. Conversely, Vietnamese consumers will likely increase their car purchases to meet the demand for Tet holiday travel.
In December, many car models are being offered with promotions of up to hundreds of millions of VND, including both imported and domestically assembled vehicles. These promotional programs are likely to contribute to a successful December for the Vietnamese car market after a challenging period earlier in the year.
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The ‘Xe’ column introduces readers to captivating book titles on various subjects. During your travels, there may be moments of rest and relaxation, and books can be a delightful companion on such occasions.
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