Members of the Vietnam Automobile Manufacturers’ Association (VAMA) saw their sales drop by 25 per cent on-year in 2023.

2023 was a challenging year for the Vietnamese automobile market as sales fell 25% year-on-year despite a 50% cut in the registration fee from July 1, according to the Vietnam Automobile Manufacturers Association (VAMA).

The domestic automobile market has faced both opportunities and challenges in the year 2023.

Most of Toyota’s car models available in Vietnam have not been affected by Daihatsu’s safety testing scandal, but clients’ sentiments have changed.

The domestic auto market in Vietnam is experiencing a decline in car sales after the promotion programs ended.

Thailand has topped the list of suppliers of cars to Vietnam over the past 11 months, according to the General Department of Vietnam Customs.

November was the second consecutive month that the auto market went sideways, reported the Vietnam Automobile Manufacturers’ Association (VAMA) on December 12.

The domestic auto market in Vietnam is experiencing a decline in car sales due to sluggish customer demand compared to previous years, despite price reductions and promotions offered by car manufacturers during the peak shopping season.

Vietnam spent approximately US$255 million on importing over 9,600 completely built unit (CBU) cars in October, marking an increase of nearly 30% in volume compared to the previous month, according to the General Department of Customs.

The automobile market at the end of this year is not looking very bright as people’s purchasing power has shrunk.

After sales grew 13 per cent in September, the car market in Viet Nam was stagnant in October even when producers offered discounts and promotions to stimulate demand.

While car dealers have to lower the prices of previous-generation car models to boost sales amid weak demand, they have applied the tie-in sale policy for newly marketed models.

After sales grew 13% in September, the car market in Vietnam was stagnant in October even when producers offered discounts and promotions to stimulate demand.

The recent decline in Vietnam’s automobile consumption and its drop to the fifth place in Southeast Asia can be attributed to both external and internal factors, car experts said.

Vietnam, as an open economy with multiple Free Trade Agreements (FTAs) in place, is committed to fulfilling its obligations in the automobile import sector.

The entry of Chinese automakers into the Vietnamese auto market presents both opportunities and challenges for consumers and competitors in Việt Nam, according to local car experts.

Vietnam has vowed to develop green transport and reduce net greenhouse gas emissions to zero by 2050. In addition to shifting from internal combustion engine to electric vehicles, hydrogen cars are also an option for consideration.

Vietnam’s completely-built-up (CBU) car imports from January to August dropped by 9.8% compared to the same period last year, reports the General Department of Vietnam Customs.

Businesses in Vietnam imported 70,915 completely built-up (CBU) vehicles worth US$1.65 billion between January and June, up 11.4% in volume and 5.2% in value, according to the General Department of Vietnam Customs.

Many car manufacturers have applied a 50 per cent cut in registration fees for buyers, depending on car models.