A Thaco Mazda factory operated by the Truong Hai Automobile Joint Stock Company (Thaco). (Source: VNA)
Hanoi (VNS/VNA) - The automobilemarket is expected to change dramatically from now to the end of this year asthe production of cars in Vietnam starts to recover.
According to the Ministry of Industry andTrade (MoIT), the volume of locally-assembled cars in July was estimated at23,200 units, up 31.4 percent compared with the same period last year.
From January-July, automobile productionreached about 140,800 units, increasing by 9.5 percent on-year.
According to the Industrial Policies StrategiesInstitute (IPSI) under the Ministry of Trade and Industry, domestic productionis expected account for an average of 18.5 percent per annum from 2018-25, butthen drop off to 13.8 percent per year from 2025-35. Vehicle production ispredicted to reach 531,585 units by 2025 and 1.77 million units by 2035.
In terms of imports, after meeting therequirements of Government Decree 116/2017/ND-CP, which stipulates theconditions for production, assembly, import and business of automobilewarranties and maintenance services issued on October 17 last year, the secondhalf of this year will likely rise sharply over the first half of this year.
Statistics from the Vietnam GeneralDepartment of Customs showed that Vietnam imported nearly 5,700 units in July,marking the highest volume in month since early this year. Most cars wereimported from Thailand, Indonesia and the Republic of Korea.
Vietnam also imported auto parts fromJapan, the Republic of Korea, Thailand, Indonesia and India.-VNS/VNA
VNA
