Vietnam automobile market has the opportunity to surpass 500,000 vehicles

According to a report by the Vietnam Automobile Manufacturers Association (VAMA), in October 2022, sales of the whole market reached 36,560 vehicles, up 9.3% over the previous month and up 22.7%. compared with the same period last year. Of the cars sold, there were a total of 28,230 passenger cars; 8,003 commercial vehicles and 327 specialized vehicles. With this figure, the growth of vehicle segments reached 10%, 6% and 4% respectively compared to the previous month.

Thanh Cong JV also sold a total of 8,174 Hyundai cars. While the car company VinFast has temporarily stopped publishing monthly consumption figures.

It’s almost the end of 2022, despite many negative impacts, but Vietnam auto market still maintain the growth rate. In 10 months, car manufacturers under VAMA have sold a total of 397,457 vehicles. Thanh Cong JV also sold a total of 64,494 Hyundai cars to the market. According to data published by the end of September, VinFast sold a total of 18,052 cars of all kinds.

Thus, the total vehicle consumption in the whole market reached about 415,000 vehicles. This figure does not include the sales of imported car manufacturers because the data is not published.

Vietnam’s automobile market ranks fourth in the region. Among 7 countries with sales statistics for the first half of 2022, Vietnam ranks 4th, after Indonesia, Thailand and Malaysia in both output and consumption. However, Vietnam is the market with the highest growth rate in the region.

With 2 more months until the end of 2022, if the growth rate is maintained, Vietnam can reach and exceed the consumption threshold of 500,000 vehicles per year – this is considered an important milestone for the Vietnamese auto market.

According to experts, the market will have certain changes when reaching the consumption threshold of 500,000 vehicles per year, because at this time the market capacity changes, which has many impacts on vehicle production as well as the priority of vehicles. car company to Vietnam market.

Earlier this year, the leader of Ford Vietnam once expected that 2022 would be the first time the automobile market in Vietnam would reach the milestone of 500,000 units/year. This will be a very important milestone and prove that Vietnam is no longer a small market.

The larger market capacity will facilitate domestic production and assembly and open up greater opportunities for the development of green vehicles, especially electric vehicles.

The Vietnamese electric vehicle market has just begun to flourish. In addition to VinFast, which has produced and sold to the domestic market the electric car models VF e 34, VF 8, Audi, Mercedes – Benz car manufacturers … began to bring products to consumers after a period of exploration. market. The appearance of electric cars in the popular segment such as the MG4 and MG Marvel R shows a bright prospect of the new car trend. Along with that, the electric vehicle development infrastructure has begun to be researched and deployed because the charging station infrastructure is a prerequisite and should be widely covered at a reasonable cost for customers.

Meanwhile, at the end of the year, car manufacturers are sprinting when launching a series of new products as well as accelerating the import of cars to meet customer needs. But the market still faces many challenges when the source of spare parts is scarce, the demand for buying cars is also affected by credit policies as well as economic information.