Vietnam’s automobile market is expected to bounce back in the last months of 2024 if a proposal to cut registration fees by half for domestically manufactured and assembled cars is approved.

November was the second consecutive month that the auto market went sideways, reported the Vietnam Automobile Manufacturers’ Association (VAMA) on December 12.

A number of large manufacturers slashed car prices early this year, signaling fierce competition in the Vietnamese auto market.

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The Vietnam Automobile Manufacturers’ Association (VAMA) has announced that the total market sales of its member units reached 38,656 vehicles last month, a month-on-month increase of 30%, and a year-on-year increase of 6%.

A 50% reduction in registration fees for domestically-assembled cars is forming part of a push to help the auto market grow in the next six months.

The domestic auto market is expected to grow further in the remaining months of this year after expanding up to 120% in October, experts have said.

The Vietnam Association of Motorcycle Manufacturers (VAMM) has said its members sold 367,037 motorbikes in the third quarter of 2021, a year-on-year drop of 45.84%.

Car sales in Vietnam increased by 52% last month after five consecutive months of decline, showing positive signs for the car market at the end of the year.