Vietnam’s motor vehicle manufacturing industry posted substantial growth in October 2024, with notable increases across production segments, according to Vietnam’s Industrial Production Index.
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.
The production of spare parts and accessories for motor vehicles grew by 6.9 percent from September, though it showed a more modest year-over-year increase of 2.0 percent in October. However, the year-to-date growth of 13.1 percent signals consistent demand for vehicle parts, essential for both domestic vehicle assembly and export markets.
See also: Vietnam’s Automotive Industry