A different perspective on Vietnam’s economy and doing business in Vietnam. Make sure to subscribe.
How to Open a Trading Account in Vietnam: Technical Guide 2024
How to Open a Hotel in Vietnam: Ultimate Guide 2024
How to Open a Retail Store in Vietnam: Ultimate Guide 2024
How to Open a Supermarket in Vietnam: Ultimate Guide 2024
How to Export Clothing from Vietnam: Ultimate Guide 2024
How to Import Clothing Materials to Vietnam: Ultimate Guide 2024
How to Manufacture Clothing in Vietnam: Ultimate Guide 2024
How to Open a Data Centre in Vietnam: Ultimate Guide 2024
How to Start an Import Business in Vietnam: Ultimate Guide 2024
How to Export Food from Vietnam: Ultimate Guide 2024
How to Import Food into Vietnam: Ultimate Guide 2024
How to Start a Real Estate Business in Vietnam in 2024
How to Brew Beer in Vietnam: Ultimate Guide 2024
How to Make Video Games in Vietnam: Ultimate Guide 2024
How to Start an Export Business in Vietnam: Ultimate Guide 2024
How to Import Footwear Materials to Vietnam: Ultimate Guide 2024
How to Export Footwear from Vietnam: Ultimate Guide 2023
How to Manufacture Shoes in Vietnam: Ultimate Guide 2024
How to Set Up a Company in Vietnam: Technical Guide 2024
Residential Real Estate in Vietnam: Industry Overview 2024
Industrial Real Estate in Vietnam: Industry Overview 2024
Commercial Real Estate in Vietnam: Industry Overview 2024
Vietnam’s Automotive Industry: Industry Overview 2024
Vietnam’s Cement Industry: Overview 2024
Vietnam’s Cashew Nut Industry: Overview 2024
Vietnam’s Animal Feed Industry: Overview 2024
Vietnam’s Healthcare Industry: Overview 2024
Vietnam’s Fabric Manufacturing Industry: Overview 2024
Vietnam’s Wood Manufacturing Industry: Overview 2024
Vietnam’s Yarn Manufacturing Industry: Overview 2024
Vietnam Garment Manufacturing: Industry Overview 2024
Vietnam Golf Industry: Overview 2024
Vietnam Wine Industry: Overview 2024
Vietnam Online Shopping: Industry Overview 2024
Vietnam’s Wind Power Industry: Overview 2024
Vietnam’s Coal Power Industry: Overview 2024
Vietnam’s Gas Power Industry: Overview 2024
Vietnam’s Solar Power Industry: Overview 2024
Vietnam’s Music Industry: Overview 2024
Category: Cars
Vietnam sees strong growth in FDI in repairs of cars, motorbikes in November
Year-to-date (YTD), the sector has attracted a total of 1,070 new projects and US$1.37 billion in newly registered capital, reflecting significant growth in the sector…
Vietnam’s Automotive Industry: Industry Overview 2024
Vietnam’s automotive industry has come a long way as middle-class incomes have grown facilitating a shift from motorcycles to cars. However, the automotive industry in Vietnam can be complex, governed by a patchwork of local regulations and free trade agreements. In light of this, this cheat sheet provides a brief overview of Vietnam’s automotive industry touching on the key points foreign firms should be aware of.
VinFast is set to start work on a new 300,000 unit capacity factory in Ha Tinh
This will effectively double VinFast’s production capacity in Vietnam to 600,000 units with its Hai Phong factory reportedly capable of producing 300,000 units a year too. Notably, year-to-date VinFast has sold just 51,000 units, many of which it sold to affiliated company, Xanh GSM. With this in mind, it’s not clear what the business case for a new factory in Ha Tinh might be.
Vietnam retail sales for vehicles and spare parts see robust growth
Year-to-date, sales for vehicles and spare parts amounted to VND 181.28 trillion, or US$7 billion. This growth highlights the sector’s importance within Vietnam’s retail market, fuelled by a rising need for affordable transportation and associated spare parts…
Vietnam’s motor vehicle manufacturing sector sees exceptional year-over-year growth
The primary motor vehicle manufacturing segment grew by 7.1 percent from September 2024 and recorded an impressive 24.8 percent increase compared to October 2023. Year-to-date growth reached 14.0 percent, reflecting strong demand for vehicles and Vietnam’s expanding capabilities in automotive production.
Mercedes-Benz starts import business in Vietnam despite local assembly factory
The assembly factory was established in 1995 on a 30 year lease set to expire next year but there have been bureaucratic problems with extending the lease that has meant the factory has had to slow production and there were reports back in August it might shut down altogether.
Vietnam car sales up 7 percent year-on-year by end October
Passenger cars led the market, with October sales hitting 26,453 units—up 4 percent from the same month last year. This category remains the backbone of Vietnam’s automotive industry, with year-to-date sales reaching 169,363 units. The steady growth highlights a consistent demand for personal vehicles among Vietnamese consumers…
Vietnam Car Sales Tracker: October Update [data]
The Vietnam Automobile Manufacturers’ Association–the VAMA–October sales report has found that vehicle sales of the group’s members jumped about 7 percent compared to September. The jump was across the board with all key segments recording higher sales.
VinGroup, group CEO commit collective US$3.35 billion to struggling Vietnam EV maker
Thanh Nien has reported that this is a back-up option to be utilised if the company cannot find capital sources elsewhere. It also notes that existing debt owed to VinGroup will be converted into shares of VinFast…
Vietnam’s VinFast has spent US$268.6 million on its stalled North Carolina factory so far
This is notably in that the factory was officially put on hold earlier this year, as the nascent car maker deals with huge losses, legal action, and little interest in its vehicles in the US market. VinFast has said the factory, which was scheduled to start operating next year, will now start operating in 2028.
Vietnam car sales jump 50 percent September over August
Year on year sales are also up about 2 percent, on the back of the jump in sales in September. Car imports are also up averaging 13,820 units a month so far this year which is up from an average of 9,612 in 2023…
Vietnam Mercedes-Benz plant lease extended after months of uncertainty
The joint venture between Mercedes-Benz and local firm SAMCO had requested an extension of its land lease as far back as 2021, however, the request was never actioned due to the aforementioned regulatory challenges (the can was kicked down the road). This came to a head earlier this year, however, when the company said it was considering shutting down its operations in Vietnam altogether as a result of the lolly-gagging…
Skoda assembly plant in northern Vietnam almost ready-to-go
A new assembly plant for the Czech Republic’s Skoda vehicles is set to go into operation later this year in northern Vietnam, The Investor is reporting. The plant in Quang Ninh province is 90 percent complete, according to the firm, and began a trial run back in May. Set on 36.5 hectares the factory will add a capacity of 120,000 vehicles a year to Vietnam’s automotive industry…
Vietnam Ministry wants to target car sales of 1 million units a year by 2030
Of note, Vietnam’s cities are already straining to accommodate the rise in car ownership and the penetration rate is only around 5 percent. If the country is to reach car sales of 1 million units a year, there will need to be some fairly big investments in infrastructure. It’s not clear how or if this will be addressed…
Key Vietnam car maker reports profit fall of 6 percent in first half 2024
From a peak in 2022 of VND 7.4 trillion or US$298.3 million, Thaco has seen its profits continue to fall. This has been attributed to a decline in car sales on the back of broader economic challenges in Vietnam. This is, however, only one part of much bigger changes in Vietnam’s car market as new trade agreements pull down tariffs on imports and trade remedies against cars imported from China into the US and EU see Chinese car makers search for new markets…
Vietnam EV maker VinFast delays Thailand dealership launch
Of note, VinFast’s expansion outside of Vietnam has been rife with big announcements that have failed to materialise. Most recently, a factory in North Carolina announced back in 2022 was put on ice this year after the company failed to meet sales targets in the North American market. This fits with a largely rocky market entry in the US, at least partly due to the vastly different auto-market dynamics in Vietnam versus in the United States.
Vietnam Mercedes-Benz factory could close altogether on licence extension delays
This challenge looks to stem from regulations that require the Ho Chi Minh City government to reclaim the land at the end of the lease and reassess its use case. Reportedly there is no way around this with the Ho Chi Minh City government asking the national government for assistance. What is perhaps most concerning, however, is that it has been suggested that if the factory were to close it is unlikely to reopen with Mercedes-Benz to be imported instead.
What’s Going On with Vietnam’s Car Market in 2024?
Last week, it was announced that Vietnam would once again cut registration fees for locally assembled cars. This is on the back of slower sales of Vietnam-made vehicles which is the result of a much broader rejig of Vietnam’s car market. This article looks at how Vietnam’s car market is changing, what’s making it change, and what might come next.
Mercedes Benz plant in Vietnam’s HCMC future uncertain, on extension approval delays
The project was originally approved in 1995 and given a 30 year lifespan. The operators of the plant, a joint venture between Mercedes-Benz Group AG and Saigon Transport Mechanical Corporation have requested a five-year extension, however, current regulations dictate that at the end of the licence the land must be reclaimed by the city. There does not appear to be regulatory provisions for an extension without interruption.
Vietnam government agrees to 50 percent registration fee cut for three months
Of note, the Ministry of Finance earlier this year raised concerns that registration fee cuts may create legal problems. Specifically, the policy could be seen to be discriminating between locally made and imported vehicles which would put it in breach of EVFTA rules…
Does Vietnam Have a Private Consumption Problem Too?
The 8th Session of Vietnam’s National Assembly: Key Takeaways
Rethinking Financing Vietnam’s Clean Energy Transition
Vietnam’s New Social Media ID Regulations: Breaking Down the ‘Why?’
How Well Prepared Is Vietnam for a Trump Presidency?
Temu in Vietnam: What’s Fair in Free Trade?
Media Relations in Vietnam: Lessons from VinFast
It’s Time to Talk About Vietnam’s Credit Growth Policy…
Vietnam’s Economy in Q3 Beyond GDP Growth: Unpacked
Paying For Vietnam’s High-Speed Rail: Unpacked
Should Vietnam Be Worried About Indonesia Joining the CPTPP?
Why More Foreign Films Aren’t Made in Vietnam
Can Vietnam Survive the Steel-Trade Wars?
A Brief History of Startups in Vietnam: Unpacked 2024
What’s Going On with Vietnam’s Car Market in 2024?
How African Swine Fever is Reshaping Vietnam’s Pork Market
Is a Sugar Tax Right for Vietnam?
PetroVietnam Power Corporation: Vietnam Stock Overview
Vingroup: Vietnam Stock Overview
SeABank: Vietnam Stock Overview
Saigon Thuong Tin Commercial Bank: Vietnam Stock Overview
Vietnam International Bank: Vietnam Stock Overview
Saigon – Hanoi Commercial Bank: Vietnam Stock Overview
Vietnam National Petroleum Group: Vietnam Stock Overview
Tien Phong Commercial Bank: Vietnam Stock Overview
Vietnam Prosperity Commercial Bank: Vietnam Stock Overview
PetroVietnam Gas Corporation: Vietnam Stock Overview
VietinBank: Vietnam Stock Overview
Military Commercial Bank: Vietnam Stock Overview
HDBank: Vietnam Stock Overview
Vinhomes (real estate): Vietnam Stock Overview
BIDV (banking): Vietnam Stock Overview
Becamex IDC (real estate): Vietnam Stock Overview
Bao Viet Holdings (Insurance): Vietnam Stock Overview
Century Synthetic Fiber Corporation: Vietnam Stock Overview
Mobile World (retail): Vietnam Stock Overview
SSI Securities Corporation: Vietnam Stock Overview
data sets
Vietnam Exports Tracker: November Update [data set]
Vietnam Imports Tracker: November Update [data set]
Vietnam Tourist Arrivals Tracker: November Update [data set]
Vietnam FDI Tracker by Sector: November Update [data set]
Vietnam CPI Tracker: November Update [data set]
Vietnam Retail Sales Tracker: October Update [data set]
Doing Business in Vietnam: Events Directory 2024
Vietnam Car Sales Tracker: October Update [data]
Vietnam FDI Source Country Tracker: October Update [data set]