The automotive industry in Vietnam continues to send very positive signals. According to the data issued by the VAMA (Vietnam Automobile Manufacturers’ Association, the organization of the automobile manufacturers in Vietnam), the number of vehicles sold in the last month of August reached 9.520 units, registering a 10% increase compared to the same period of the previous year. Specifically, it was recorded the sale of 4.201 cars (increased on an annual basis by 54%), and 2.153 SUVs and minivans (risen by 21% compared to 2010).
The total number of vehicles acquired in the first eight months of 2011 reached 70.650 units, increased by 2% in comparison to the same period of the previous year, when the sale of SUVs and minivans grew by 4% and that of cars by 28.9%. Declining were the sales of commercial vehicles, with a total of 3.164 units acquired, marking a 24% decrease compared to last year, while those of luxury car boomed, with a 169% increase in the first seven months of 2011.
Also the imports are growing. In the month of August, 4.000 vehicles were bought from abroad, for a value of $US 78 million, thus bringing the total figures for the first eight months of the year to 42.000 units and $US 782 million of commercial value. According to the General Statistics Office of Vietnam, imports (mainly from South Korea, China, Japan, Taiwan, the US and Germany) was grew by 30%, compared to 2010.
The Vietnamese Government wants to support the development of the automotive industry, through incentives, specific tax reliefs and easy access to credit for corporates. Such measures concern primarily local companies operating in the production of automotive components.