The luxury car market in H1 saw sales increasing significantly. But many clients were told to wait six months to a year for delivery.

The Vietnam Automobile Manufacturers’ Association (VAMA) said on July 13 that its members sold 25,159 vehicles in June, down 42% from the previous month.

With the average income per capita of VND4.25 million a month in 2020, Vietnamese people would have to save money for 12 years to buy a car worth VND600 million (US$30,000).

Contrary to all predictions, Chinese cars continue to flow into Vietnam and sales have been increasing steadily, despite Covid-19 and the poor reputation of Chinese brands.

Vietnam’s automobile market recorded slight growth in 2021, data from manufacturers showed.

The request for a registration tax cut, if approved, will mostly benefit luxury car buyers.

Cars have been selling very slowly in amid Covid-19 and social distancing. A gloomy future has been predicted for the automobile industry.

Although car manufacturers have cut prices deeply to stimulate demand, the Vietnamese auto market witnessed a record decrease in monthly sales over the past five years when fewer than 9,000 cars were sold in August 2021.

Car sales have dropped sharply because of the fourth Covid-19 outbreak, prompting dealers to offer big discounts.

The Vietnamese auto market prospered for a few years before being affected by the Covid-19 pandemic, but sales of locally assembled cars have fallen.

Vingroup has sent a dispatch to the Ha Tinh provincial People’s Committee, proposing a project on an automobile complex.

The Ministry of Finance has just responded to the petition of the Vietnam Automobile Manufacturers Association (VAMA) on additional support policies for businesses facing difficulties caused by the Covid-19 pandemic.

Experts have suggested imposing high taxes on vehicles and encouraging the use of electric cars.

Indonesia aims to become an electric car manufacturing center in the region in the next few years, which will be a competitive challenge for Vietnam's domestic automobile industry.

Though the automobile market has become big enough for manufacturers to step up domestic production, industry policies remain unencouraging.

Vietnamese enterprises are nurturing the dream of exporting CBU (completely built up) cars, which has partially come true, though exports remain very modest.

Vietnam’s rising income per capita would soon move cars from a luxury product with a passenger vehicle density of 34 per 1,000 to a more ordinary one with a density level comparable to countries in the region.

Car sales in Vietnam in 2020 dropped 8% year-on-year to 283,983 units across all segments despite a strong increase seen in the fourth quarter, the latest data released by the Vietnam Automobile Manufacturers Association (VAMA) showed.

The outlook of the car market for next year remains dim following a turbulent year in 2020.