Domestic automobile production and assembly in Vietnam reached an estimated 47,300 units in November, marking a 2.8% increase compared to October and an impressive 47.8% rise compared to the same period in 2023. This is the highest monthly production figure in recent years.

According to a newly released report by the General Statistics Office, a total of 65,200 new vehicles, including domestically manufactured and imported cars, were introduced to the Vietnamese market in November. This represents a 2.3% increase compared to October's total of 63,707 vehicles.

Of these, domestic automobile production and assembly accounted for 47,300 units, up from 46,000 units in October, and a 47.8% increase year-on-year. This makes November the peak production month of 2024 and sets a record for many years.

In the first 11 months of 2024, domestic automobile production and assembly reached approximately 336,500 units, a 22.4% increase compared to the same period in 2023.

In addition to record domestic production, imported vehicles remained at high levels in November. An estimated 17,900 vehicles, valued at $376 million, were imported during the month. This marks a slight increase from October’s 17,706 vehicles valued at $374 million. Compared to November 2023, however, imports surged dramatically, with volume up 138.4% and value up 94.6%.

For the first 11 months of 2024, total imported vehicles reached 160,694 units, valued at $3.316 billion. This represents a 44.3% increase in volume and a 24.7% increase in value compared to the same period in 2023.

Automotive market experts attribute the sharp increase in domestic production in November to two key factors:

Government’s 50% Registration Fee Reduction: This program, which ran from September to November, incentivized buyers to purchase vehicles, driving demand.

Year-End Market Preparation: November is considered a critical month for preparing supply to meet the peak demand of the year-end automobile market.

Hoang Hiep