BYD's latest move shows that it just wants to sell products in the Vietnamese market rather than set up a factory and make a long term investment here.

Vietnamese firms imported 91,585 completely-built-up (CBU) cars worth nearly US$1.89 billion in the first seven months of the year, up 90.4% in volume and 54.8% in value year on year, according to the General Department of Vietnam Customs.

Despite numerous efforts to stimulate consumer demand, Vietnam's auto market continues to grapple with weak sales and persistent challenges.

The Ministry of Industry and Trade (MoIT) is seeking public comments on the draft to finalise the regulations for importing used cars under the CPTPP tariff quota system in Việt Nam.

Most of China's top 10 automobile manufacturers in Vietnam have ambitious business strategies.

Buying and selling in the used car market have been interrupted amid information about a possible government decision on vehicle registration tax cuts, commencing on August 1, applied to domestically assembled cars.

Vietnam’s automobile market is expected to bounce back in the last months of 2024 if a proposal to cut registration fees by a half for domestically manufactured and assembled cars is approved.

There are about 2.4 million cars in circulation and most of them run on gasoline, but by 2050 most vehicles will be electric, a report says.

Despite a slowdown in the Vietnamese car market, the influx of foreign cars remains strong.

The news that the government may approve a 50 percent vehicle registration tax cut applied to brand new domestically-assembled cars has caused people to postpone their purchases until the cut goes into effect.

Sales of used cars have bounced back after a long period of slow growth. Many buyers have cancelled their plans to buy new cars and have bought used autos instead.

The development of electric vehicles in the Vietnamese market has shown significant progress in recent years.

The Vietnamese market is witnessing a surge of Chinese electric cars since 2023, with five brands entering in just the past 12 months, covering all segments from mini cars to SUVs and MPVs.

The domestic automobile market bounced back in May after a month of low sales as manufacturers cut selling prices amid weak demand.

Vietnam witnesses a surge in imported cars, surpassing domestically assembled vehicles in recent months, prompting both consumers and manufacturers to anticipate forthcoming incentives.

Chinese companies face great challenges selling their cars in Vietnam.

If Chinese cars sell at low prices, Vietnamese consumers dislike the products, but if the manufacturers sell at high prices, Vietnamese consumers prefer Japanese, European and South Korean brands.

To maintain profits, auto importers and distributors have to increase retail prices.

Vietnam imported 43,805 cars worth US$929.4 million in the first quarter, down 19.4 percent in volume and 23.5 per cent in value year on year

BYD, a Chinese electric vehicle (EV) manufacturer, plans to enter the Vietnamese market in June. Whether it will be welcomed in the country remains an unknown.