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The latest report from the General Statistics Office estimates that approximately 27,400 automobiles were produced in July by domestic assembly lines in Vietnam, a slight decrease from the previous month’s output of 28,000 units.
Cumulative production from the beginning of the year reached about 172,200 automobiles, representing a modest 2.5% increase compared to the total output achieved in the first seven months of 2023.
Overall, the monthly domestic automobile output in Vietnam has yet to surpass the 28,000 units/month threshold. Last year, reports from the General Statistics Office indicated that approximately 336,700 automobiles were produced by domestic assembly lines, equivalent to an average monthly output of over 28,000 units.
| Vietnam’s automobile manufacturing sector shows no signs of a breakthrough | ||||||||
| Domestic automobile output in Vietnam for the first seven months (Data: General Statistics Office) | ||||||||
| Labels | January | February | March | April | May | June | July (Estimated) | |
| Domestic automobile output | units | 21,600 | 16,100 | 24,800 | 27,300 | 27,000 | 28,000 | 27,400 |
Notable automobile brands that have chosen to assemble their vehicles in Vietnam include VinFast, Toyota, Honda, Hyundai, Kia, Ford, and Mazda. Additionally, Mercedes-Benz and BMW also assemble some models locally for distribution to Vietnamese customers.
According to a report released by the Vietnam Automobile Manufacturers’ Association (VAMA), the total market volume for automobiles in Vietnam during the first two quarters reached 134,884 units, of which 67,849 were domestically produced and assembled.
Compared to the same period last year, sales of domestically assembled automobiles in Vietnam decreased by 15%, while imports grew by 16%.
Nikkei Asia recently reported that the operating capacity of automobile factories in Vietnam reached approximately 40% in the first half of 2024. Specifically, the General Statistics Office estimated that around 144,000 domestically produced automobiles were rolled out in the first six months, while the total designed capacity of automobile assembly plants in Vietnam is said to be between 700,000 and 800,000 units/year.
Currently, the Mitsubishi Xpander and Ford Ranger are the two best-selling models in Vietnam, with respective sales figures of 7,773 and 7,743 units. While the Mitsubishi Xpander’s sales are dominated by imported versions, the majority of Ford Rangers sold in Vietnam during the first half were assembled locally.
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Ford Ranger’s sales in Vietnam are predominantly from locally assembled versions. Photo: Vinh Phuc |
The top 10 best-selling automobiles in Vietnam for the first half of the year also included several models that are entirely domestically assembled, such as the Mazda CX-5 (5,270 units), Hyundai Accent (4,988 units), Toyota Vios (4,215 units), Kia Sonet (3,419 units), and Honda City with 3,316 units sold over six months.
The Vietnamese automobile market is eagerly awaiting the implementation of the proposed policy to support a 50% reduction in registration fees for domestically assembled vehicles. Since the beginning of the year, this policy has been suggested multiple times, but as of today, there is still no official confirmation regarding its implementation and starting date.
According to a sales consultant at a car dealership in Ho Chi Minh City, many customers have placed deposits for vehicles since mid-June, but there is currently no plan to receive the cars as they are waiting for the government’s support policy on registration fees.
Previously, preferential policies for registration fees for domestically assembled vehicles were implemented in Vietnam in 2020, 2022, and 2023.
In the first two instances, the reduction in registration fees for domestically assembled vehicles had a fairly positive impact on sales figures in Vietnam. However, during the third round, which was carried out in the second half of last year, the growth in automobile sales was not particularly impressive.
Recommended Reads for Your Journey
The Automotive section presents a selection of captivating books with diverse themes. During your travels, there are bound to be moments of rest and relaxation, and these books can be delightful companions.
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