Vietnam’s auto market saw record-breaking sales in October, with government discounts and year-end demand driving growth across both domestic and import brands.

TMT Motors, known for importing and selling Chinese electric cars, reported significant financial losses as sales fell short of expectations and high inventory costs mounted.

The Vietnam Motor Show 2024 (VMS 2024) officially opened on October 23 in Ho Chi Minh City.

According to VAMA’s report on October 10, sales in the passenger vehicle segment reached 28,973 units in September, a 51% rise over August.

Vietnam saw a sharp rise in car imports in 2024, with 124,090 units imported by September, but lower import prices have kept the total value increase moderate at 16%.

During the 13th session of the Vietnam-China Economic and Trade Cooperation Committee in Beijing, discussions led by industry ministers highlighted a significant move by China's automotive leaders to intensify their business and production in VN.

In the first half of September, the influx of imported cars into Viet Nam remained robust, despite a recent government policy to reduce registration taxes for domestically assembled vehicles.

The Vietnam Motor Show 2024 will take place in Ho Chi Minh City from October 23-27, featuring green energy initiatives, organisers announced at a press conference on September 26.

The Vietnam trade mission in Germany coordinated with the Berlin – Brandenburg automotive association (aBB) and authorities of the Vietnamese province of Nam Dinh to hold a roundtable on cooperation in the automobile industry.

Car sales in Vietnam dropped by 13% in August compared to July, primarily due to the Ghost Month, which occurs during the seventh lunar month when many people avoid making significant purchases.

Instead of introducing low-cost cars to compete with Japanese and South Korean rivals as they did in the past, Chinese automobile brands have changed their strategy.

Chinese automakers have entered the Vietnamese market with a surprising strategy, introducing vehicles at higher price points rather than competing in the budget segment.

The Vietnamese government has announced a temporary 50% reduction in registration fees for domestically produced and assembled cars on August 30.

Pent-up demand is due to push up car sales in the final months of the year, according to experts.

The General Department of Customs has reported a significant surge in the number of imported cars into Vietnam.

The current state of the local car market is being significantly affected by a mix of traditional beliefs and policy uncertainties, according to experts.

With the Vietnamese government yet to finalize a policy on reducing vehicle registration fees, several automotive companies have taken the initiative to extend discounts equivalent to 50-100% of these fees.

The domestic used car market has shown a robust recovery in the first half of 2024, marking a significant turnaround from the slump experienced in 2023, according to industry insiders.

BYD's latest move shows that it just wants to sell products in the Vietnamese market rather than set up a factory and make a long term investment here.