The Industrial Production Index (IPI) for spare parts and accessories for motor vehicles and motor vehicle engines increased by 2.50 percent in November compared to October, according to Vietnam’s General Statistics Office. This growth highlights the sector’s stable performance during the month.
Year-on-year, the sector achieved a 14.05 percent growth in November 2024 compared to the same period in 2023. Over the first 11 months of 2024, cumulative growth reached 13.63 percent, demonstrating its consistent contribution to Vietnam’s industrial output.
This strong performance is driven by rising domestic production of vehicles and growing demand for spare parts in export markets. Vietnam’s investments in modern manufacturing processes and its strategic position in global automotive supply chains have reinforced the sector’s development.
The spare parts and accessories industry plays a key role in Vietnam’s motor vehicle manufacturing ecosystem, supporting both exports and domestic production. Continued innovation and focus on quality will be essential to sustaining its growth trajectory.
See also: Automotive Industry in Vietnam