Vietnam’s car market is expected to boom

According to the Vietnam Automobile Manufacturers Association (VAMA), more than 36,000 vehicles of different types were sold in October, up 9% against September and 23% from last year. Of the total were more than 16,000 imported CBU cars, a slight increase of 1% while 20,000 were domestically assembled cars up 17% from September.

More than 296,000 cars of all kinds have been sold over the past 10 months, 52% higher than the same period last year.

In addition to car sales from VAMA members, sales of Audi, Jaguar Land Rover, Mercedes-Benz, Nissan, Subaru, Volkswagen, and Volvo also increased.

The Thanh Cong or TC Group which is famous with Hyundai automobile brand has sold nearly 65,000 vehicles during the last 10 months. All this brought automobile sales in the Vietnamese market to more than 361.000.

Experts say the Vietnamese automobile market is entering the peak period of the year-end shopping season.

In October, the Vietnam Motor Show 2022, the largest event of Vietnam’s automobile industry, was held introducing more than 120 car models. According to the Exhibition Organizing Committee, during the 5-day event, nearly 2,000 cars were sold and thousands of orders were made.

Many car manufacturers, which did not attend the show, have launched new or upgraded product lines for the year-end shopping season.

The steady supply and impressive sales of new car models will continue to be a driving force for the Vietnamese auto market to maintain its growth momentum in the coming months. General Director of Ford Vietnam, Mr. Ruchik Shah, said that the positive signs in the market shows the post COVID-19 recovery of the auto market.