The Vietnamese automobile market witnessed a significant sales decline in the first month of 2024, yet businesses and experts forecast that the market may see a breakthrough in the second half of the year.
Hanoi (VNA) - The Vietnamese automobile market witnessed asignificant sales decline in the first month of 2024, yet businesses and experts forecast that the market may see a breakthrough in thesecond half of the year.
The Vietnam Automobile Manufacturers’Association (VAMA) announced on January 22 that the total sales by its members reached 19,243 units in the month, down 50% month-on-month.
The number of domestically assembled vehiclessold was 9,783, down 59%, while that of imported completely built units (CBUs)also decreased by 36% compared to the previous month, reaching 9,460.
In addition to the above-mentioned situation, the market also sees the presence of many foreignmanufacturers such as Audi, Jaguar Land Rover, Mercedes-Benz, Nissan, Subaru,Volkswagen, Volvo, and Haval, but they do not disclose their business results.
According to TC Group, the assembler anddistributor of Hyundai vehicles in Vietnam, as January 2024 was near the LunarNew Year, consumers' tended to spare their money for holiday needs rather than automobiles, leading to the decline in the sales of Hyundai inparticular and the whole market. The group predicted that the market willgradually stabilise, with expectations for higher sales growth in the followingmonths.
Toyota Vietnam also assessed that themarket situation in 2024 will still have many difficulties and challenges. Inthat context, the company and its dealer system will continue to make effortsto improve product and service quality to attract customers.
However, Ford Vietnam believed that the difficultiesare only short-term, as the Vietnamese automobile market is still considered potential and attractive in the eyes of automobile manufacturers.
Economists forecast this market will grow10% in 2024 against the previous year, or 428,000 units to be sold, with therecovery of the economy and the incentives from the Government./.
The domestic automobile market has faced both opportunities and challenges in the year 2023. Car experts believe that 2023 is a crucial year for Vietnam to establish itself as an emerging market in the auto industry, with hopes of achieving this status in 2024.
Vietnamese electric vehicle (EV) maker VinFast on February 6 announced a recall on 5,912 VF 5 Plus vehicles, which were produced from March to December 2023, for free replacement of a combination switch (left-hand lever on the steering wheel).
The decline in domestic automobile consumption and its drop to 5th place in Southeast Asia can be attributed to both external and internal factors, according to industry insiders.
Vietnam’s Truong Hai Group Corporation (THACO) will unveil 9 models of passenger cars, 13 models of trucks and 6 models of buses, said Chairman of its Board of Directors Tran Ba Duong in his New Year message to employees.
China’s Laoling city, in coordination with VINEXAD, hosted a series of events in Ho Chi Minh City from August 7-9 to seek trade and economic cooperation with Vietnam.
Vietnamese Ambassador to Cambodia Nguyen Minh Vu led a delegation to Mondulkiri, Ratanakiri, and Kratie provinces from August 5-8, aiming to deepen economic ties and support Vietnamese businesses operating in Cambodia’s northeastern region.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
A Thaco factory (Photo: VNA) 
