Cars have been selling very slowly in amid COVID-19 and social distancing. A gloomy future has been predicted for the automobile industry.

Vietnam’s automobile sales have borne the brunt of COVID-19, seeing a record low in August since 2015.

VOV.VN - Local businesses poured a combined total of US$575 million into newly-licensed and capital-added projects during the past eight months, representing an annual increase of approximately 74.1%, according to data given by the Foreign Investment Agency (FIA).

VOV.VN - A series of foreign media outlets, including Nikkei, Carsifu, and Leautoblog, have simultaneously published articles highlighting electric cars (EV) produced by VinFast, an affiliate of Vingroup, a leading multisectoral conglomerate of Vietnam.

VinFast Manufacturing and Trading Co., Ltd and Gotion High-Tech Co., Ltd. (China) signed a Memorandum of Understanding on cooperation in research and production of LFP battery cells for VinFast electric vehicles.

The Ministry of Finance has proposed that registration fees for electric vehicles should be half those for gasoline vehicles with the same number of seats to boost the consumption of environmentally friendly cars.

Two new subsidiaries under the Vietnamese conglomerate VinGroup – the VinES Energy Solutions JSC (VinES) and VinAI Artificial Intelligence Application and Research JSC (VinAI) – have been established with charter capital of VND1,000 billion (US$43.68 million) and VND425 billion, respectively.

Automobile sales in Vietnam plunged in July due to the complications of COVID-19 and social distancing measures being applied in many localities nationwide.

The Ministry of Industry and Trade has just released a list of factors that are undermining the development of the electric car industry in Vietnam.

VOV.VN - Vingroup, Vietnam’s largest conglomerate, unveiled on July 27 that it has appointed Michael Lohscheller, former vice president of Volkswagen USA and Opel CEO, as the latest CEO of its automotive division VinFast Global.