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.

The Vietnamese car market is experiencing significant transformations with the entry of Chinese brands, according to motoring experts.

Vietnam’s auto sales in May increased 6% from the previous month to 25,794 units, as dealers rolled out stimulus measures to spur consumption, according to the Vietnam Automobile Manufacturers’ Association (VAMA).

VOV.VN - Local automobile enterprises must gain further insights into the EU-Vietnam Free Trade Agreement (EVFTA)’s commitments and other FTAs, and utilize opportunities from trade pacts, heard a workshop held in Hanoi on May 24.

VOV.VN - Vietnam spent approximately US$244 million on importing 12,500 completely-built automobiles (CBUs) throughout April, down 21.2% in volume and 26.1% in value compared to March, according to the General Department of Vietnam Customs.

The Vietnamese automobile market saw a remarkable breakthrough in its total sales in March, after several months of declines.

VOV.VN - Geleximco and Omoda & Jaecoo joint venture will co-operate to build an automobile factory in the northern province of Thai Binh worth more than US$800 million with a capacity of producing 200,000 vehicles per year.

VOV.VN - Vietnam imported 31,452 completely-built automobiles (CBUs) worth US$632 million in the first quarter of the year, down 24.1% in quantity and 31.7% in value compared to the same period last year, reported the General Statistics Office of Vietnam (GSO).

Domestic automobile market is currently facing a situation of high supply and low demand. This has resulted in a decline in sales and an excess of inventory for carmakers.

The Vietnamese automobile market witnessed a significant sales decline in the first month of 2024, yet businesses and experts forecast that the market may see a breakthrough in the second half of the year.