Vietnam automobile industry has been witnessing continuous development. Driven by rising domestic demand and tax reforms implemented proactively by the government, the country’s automobile sector has been reporting positive growth rates despite a poor supportive industry. Moreover, the country’s competitive average wages and supportive geographical location makes it one of the most attractive destinations for major market players. During 2010, the country produced around 37,765 Units of automobiles (CBU).
According to our latest research report, “Vietnam Automobile Forecast 2014”, despite recent economic crisis, sales of passenger cars and MPVs in Vietnam are anticipated to post a CAGR of more than 5% and 4%, respectively during 2011-2014. The passenger car segment will continue dominating the overall market sales by the end of the forecast period, owing to the relatively low-penetration rate of this segment in the country.
Our report identifies that car import in Vietnam has witnessed a decline in 2010. During the period, automobile imported in the country reached to 53,841 Units, which is a decline of 33% compared to the previous year. The main reason behind this decline was high retail prices of the imported vehicles after Vietnamese Dong devaluation. The domestic currency of Vietnam has been continuously witnessing downward trend since August 2009.
Vietnam automobile industry has been facing increase in consolidation among domestic as well as international players. Our research indicates that the industry players are adopting various strategies like forward or backward integration with other industry players in order to sustain their position and increase their market capacity. These developments are further helping the industry to maintain their development phase.
Our report, “Vietnam Automobile Forecast 2014”, covers various aspects of the Vietnam automobile industry, giving detailed analysis of its various segments, including passenger vehicles, commercial vehicles, utility vehicles, and motor cycles. The report highlights current and future trends in each of these segments as well as developments in the Vietnam automobile market. Besides, we have comprehensively investigated the prudent opportunities for green vehicles in the industry on the basis of which future outlook have been presented.
