Vietnam’s Thaco Auto, which manufactures and assembles cars for a number of big name brands including Kia, Mazda, and Peugeot has announced first half profit-after-tax in the first half of the year of VND 1,100 or US$44 million, Tuoi Tre has reported. This represents a 6 percent decline over the first half of 2023.
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.
See also: What’s Going On with Vietnam’s Car Market in 2024?