ASEAN auto demand is forecast to continue rising in the rest of this year, despite the saturation of the market, according to a survey by the Financial Times’ Confidential Research.
Hanoi (VNA) – ASEAN auto demandis forecast to continue rising in the rest of this year, despite the saturationof the market, according to a survey by the Financial Times’ ConfidentialResearch (FTCR) for the region in the first quarter of this year.
In quarter one, the Auto PurchaseIndex (API), which measures the six-month outlook for auto sales, is positivefor Indonesia and Thailand, but negative for Malaysia, the Philippines andVietnam.
Indonesia enjoyed a 6 percentrise year on year in auto sales, while Thailand saw a 15.9 percent increaseyear on year.
Meanwhile, Vietnam’s API fellslightly, mostly because consumers delayed purchases until 2018 when the ASEANFree Trade Agreement will eliminate tariffs on imported autos. Sales growth slowedto single digits after soaring by 29.4 percent in 2016 and 56.7 percent in2015. However, experts said that the index will recover in the second half of2017 and thrive in 2018.
At the same time, Malaysia saw a decreasein API, but enjoyed a 7.3 percent rise in auto sales from the same period lastyear.
In the Philippines, sales rose 23percent in the first quarter after a 24.6 percent increase in 2016. However,auto demand in the country may start declining this year, said the survey.
In the first quarter, theMotorcycle Purchase Index fell in almost all of the above-mentioned SoutheastAsian markets except for Malaysia. Experts predicted that sales for the wholeregion will decline for the year due to the sluggish market in Indonesia, whichaccounts for half of all sales in the five ASEAN countries in 2016.
FTCR also said that the middleclass in the region will help boost auto sales, while the motorcycle market isincreasingly saturated.-VNA
Truong Hai Auto Corporation (Thaco) posted a record revenue of 65.8 trillion VND (3 billion USD) in 2016, a growth of 44 percent against the previous year.
Toyota Motor Vietnam (TMV) completed the production of its 400,000th car on April 27, marking the company’s development milestone in the Vietnamese market.
Leading Japanese carmaker Toyota Motor Corporation has chosen Thailand as its compact car development and production centre for export, according to Thai media.
The Republic of Korea (RoK), China and Japan agreed on May 3 to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.
A technical issue combined with an extreme heatwave was blamed for a series of explosions at a military base that killed 20 soldiers and injured several others in Cambodia on April 27, the country’s Ministry of Defence said in a May 2 statement as reported by the Xinhua news agency.
The Customs Department of Thailand is scheduled to commence the collection of value-added tax (VAT) on imported goods sent via postal services, regardless of the goods value, starting in May.
A lecturer from Chulalongkorn University’s Faculty of Medicine has warned Thais to be more vigilant against COVID-19, saying infection rates appeare to be worsening with higher hospital admissions, deaths and severe cases.
Malaysia should harness the collective expertise and resources to drive sustainable growth and development of the halal industry, according to Minister of Investment, Trade and Industry Zafrul Abdul Aziz.
Laos has officially restored the 10% value-added tax (VAT) rate starting May 1, in a bid to support the country’s budget revenue and socio-economic development.
The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
The first session of the ASEAN Future Forum 2024 (AFF 2024) in Hanoi on April 23 focused on fast and sustainable growth for the Association of Southeast Asian Nations (ASEAN).
The Canada-ASEAN Business Council (CABC) and the ASEAN Alliance on Carbon Markets (AACM) have signed a Memorandum of Understanding (MoU) to strengthen collaboration and accelerate the implementation of carbon crediting programmes across Southeast Asia.
ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
The 72nd meeting of the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and related meetings are being held by the Ministry of Science and Technology’s Intellectual Property Office (IPO) of Vietnam in the central city of Da Nang on April 22-26.
Enhancing regional food security and tackling the pressing challenges of climate change will be key agendas defining Malaysia’s ASEAN Chairmanship in 2025, Speaker of the Dewan Rakyat (lower house) Johari Abdul told the press on April 19.
Illustrative photo (Source: VNA) 
