Brian Jeffrey
Vietnam’s Automotive Production Surge in November
In November, Vietnam’s domestic car production and assembly reached around 47,300 units, showing a 2.8% month-to-month growth and a remarkable 47.8% increase compared to the same month last year. This figure represents the highest output month in recent years.
As reported by the General Statistics Office, the total market for new vehicles, including both local and imported cars, saw 65,200 units introduced in November, which is a 2.3% rise from October’s 63,707 vehicles.
From this total, 47,300 units were produced domestically, up from 46,000 in October, and showing a significant year-on-year increase of 47.8%. November stands as the top month in production for 2024, achieving record figures for many years.
During the first eleven months of 2024, the total domestic production and assembly reached about 336,500 units, reflecting a 22.4% rise compared to the same timeframe in 2023.
The importation of vehicles also remained strong in November, with an estimated 17,900 vehicles worth $376 million brought into the country. This was a slight rise from October’s figures of 17,706 vehicles at a value of $374 million. Year-on-year, however, imports soared, with volume increasing by 138.4% and value by 94.6% from November 2023.
Throughout the first eleven months of 2024, the total number of imported vehicles reached 160,694, with a total value of $3.316 billion, marking a 44.3% rise in units and a 24.7% increase in value compared to the same period last year.
Experts in the automotive sector credit the significant rise in domestic production for November to two primary influences:
- Reduction of Registration Fees: The government’s initiative to lower registration fees by 50% from September through November sparked interest among buyers, boosting vehicle purchases.
- Preparation for Year-End Demand: November is crucial for assembling supply in anticipation of heightened market demand towards the year’s end.
