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Vietnamese automobile industry decreased by 33% through 2012

Press Release   •   Dec 16, 2013 11:09 GMT

The Vietnamese automobile industry recorded volume sales of 93,000 in 2012, decreasing by 33% YOY. The import volume of imported complete vehicles in Vietnam was 27,400, decreasing by 49.8% YOY.

The decrease in import was caused by the gloomy national economy as well as the increase in the automobile registration tax and the import tariff.

In 2012, the largest import origin of autos in Vietnam was Korea, with the import volume of 11,800; the second largest was China, with an import volume of 3,900.

After the reform in 1986, the Vietnamese auto industry began. In 1991, Vietnam's government introduce d foreign funds to develop automobile manufacture and assemble the industry.

After a 20-year development, Honda, Toyota, Ford, GM, etc entered Vietnam through sole proprietorship or joint-investment. They established automobile assemble enterprises in Vietnam. Meanwhile, Vietnam established domestic auto enterprises.

Currently, the production capacity of complete vehicles in Vietnam is estimated to over 100,000 per year.

With the economic development, the growth of income per capita and infrastructure construction, Vietnam market demands more for passenger vehicles and commercial vehicles. Vietnam auto manufacture enjoys low labour, land and energy cost but also faces imperfect auto industry chain.

Analysts have forecast that by 2020 Vietnam will represent the fastest-growing auto market in the globe.

For auto manufacture enterprises, auto parts manufacturers and auto trader and distributors, the Vietnamese market is a growing and attractive prospect.

For more information on the Vietnamese automobile industry, see the latest research: Vietnamese Automobile Industry

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