Vietnam's auto market forecast to see another good year
2016-04-27 15:45:46 / Saigon Autotech
After posting a record growth of 55 percent last year, Vietnam's automobile sales will continue to grow strong this year, albeit at a lower rate, news website VnMedia reported on Tuesday, citing local businesses.
Executives of major producers and importers such as Ford Vietnam, GM Vietnam and Truong Hai Auto Corporation expected the industry's sales will grow around 30 percent, saying Vietnam's economy will continue to grow strong, boosting the local demand, according to the website.
Yoshihisa Maruta, chairman of Vietnam Automobile Manufacturers' Association, on the other hand, said its members expected a year-on-year rise of 10 percent.
Bui Kim Pha, deputy CEO of Truong Hai Auto Corporation, said in the news website that the auto market is stabilizing, so its growth will not be as high as last year when it saw a six-year high rise in sales to nearly 245,000 units.
|
Advertisement: Replay Ad
 |
|
Ads by ZINC
|
|
|
A boom in auto imports from ASEAN as an impact of further tax reductions under a regional trade agreement will not happen this year, because the impact has been hampered by a hike in luxury tax, he said.
Under a new rule that took effect on January 1, luxury tax is calculated on an imported car’s retail price, unlike previously when it was calculated on their cost, insurance freight (CIF) price before the addition of duties and markups. The revision has reportedly forced auto importers to increase their prices by 2-13 percent.
Pha said the boom will likely happen in 2018 when automobiles will be imported from ASEAN tax-free.
Early this year Vietnamese government reduced duties on automobiles imported from neighboring countries to 40 percent from 50 percent last year.
Source: Thanh Nien News
More News
- Seminar Session: Driving the Innovation in the Plastics, Printing & Packaging Industry Bangladesh Int'l PLASTICS, PRINTING & PACKAGING Industry Fair / 2026-01-22 20:45:09
- IPF Bangladesh 2026 Positions Bangladesh as a Rising Hub for Plastics, Printing and Packaging Manufacturing Bangladesh Int'l PLASTICS, PRINTING & PACKAGING Industry Fair / 2026-01-20 13:27:57
- Taiwanese bakery brands making their mark in Vietnam Taipei Int'l Bakery Show / 2026-01-16 15:05:38
- Hanoi International Electronics and Smart Manufacturing Exhibition to Bring Together Companies from 6 Countries, May 20–23, 2026 in Vietnam Hanoi International Electronics and Smart Manufacturing Exhibition / 2026-01-15 17:04:13
- Scoop the Prize! VIETNAMWOOD / 2025-11-03 10:52:16
- VietnamPlas 2025 Successfully Attracted 21,401 International Visitors Vietnam Plas (HCM) / 2025-10-28 10:18:04
- Leisure Japan is coming to Tokyo Big Sight on November 26-28! Taiwan Outdoor Show －OUT。DOOR TaiChung / 2025-10-27 09:02:46
- Leisure Japan is coming to Tokyo Big Sight on November 26-28! Taiwan Outdoor Show - OUT。DOOR Taipei / 2025-10-27 09:02:10
- VietnamPrintPack 2025 successfully concluded with a total of 20,052 professional visitors Vietnam HCM Pack Print Food / 2025-10-17 13:36:26
- Seminar Sessions: Expert Perspectives on Advancing the Printing & Packaging Markets Vietnam HCM Pack Print Food / 2025-09-30 14:54:32
- Beware of Fraud and Impersonation Myanmar Agro Food Exhibition / 2025-09-30 08:56:21
- Beware of Fraud and Impersonation Myanmar PPP / 2025-09-30 08:56:20
- CTG & CIMIF2025 Panel Discussion Agenda CIMIF / 2025-09-26 17:48:16
- Seminar Sessions: High-Level Perspectives on Global Trade and the Future of Sustainable Plastics Vietnam Plas (HCM) / 2025-09-18 15:47:43
- VPPNEXT : Innovation Zone (Booth 630 - 647) Vietnam HCM Pack Print Food / 2025-09-08 11:56:00
- VietnamPrintPack 2025: The Largest Exhibition Platform Showcase Printing & Packaging Industry Vietnam HCM Pack Print Food / 2025-09-05 11:53:19
- VietnamPlas 2025: Asia’s leading plastics and rubber industry exhibition will be showcased in Ho Chi Minh City Vietnam Plas (HCM) / 2025-09-02 11:18:43
- Market Trends & Exhibition Highlights Industry Must Know Vietnam Plas (HCM) / 2025-08-18 17:33:24
- The Vietnam's no.1 Exhibition for Plastics and Rubber Vietnam Plas (HCM) / 2025-08-18 14:08:15
- What’s New in the Printing & Packaging Industry? Vietnam HCM Pack Print Food / 2025-08-07 11:40:56