The Industrial Production Index (IPI) for motor vehicle manufacturing increased by 2.50 percent in November compared to October, showing steady monthly growth, according to Vietnam’s General Statistics Office. This reflects the sector’s ongoing expansion amid growing domestic and export demand.
Year-on-year, the industry recorded a remarkable 36.17 percent growth in November 2024 compared to the same period in 2023. Over the first 11 months of 2024, cumulative growth reached 18.33 percent, cementing motor vehicle manufacturing as a key driver of Vietnam’s industrial growth.
The sector’s performance is fuelled by increasing demand for both personal and commercial vehicles, alongside Vietnam’s rise as a regional hub for automotive production. Investments in modern manufacturing technologies and electric vehicle production have further strengthened its growth trajectory.
Motor vehicle manufacturing is a cornerstone of Vietnam’s industrial landscape, contributing significantly to employment and economic development. Continued advancements in production capacity and sustainability will ensure long-term competitiveness in global markets.
See also: Automotive Industry in Vietnam