Dublin, 07 September 2022 (GLOBE NEWSWIRE) — The “Research Report on Vietnam’s Automobile Industry 2022-2031” report has been added to ResearchAndMarkets.com’s offer.
According to analyst analysis, the annual sales of cars in Vietnam increased rapidly from 2015 to 2019, from 209,000 in 2015 to 306,000 in 2019, which is one of the fastest growing markets in the world. In 2020, due to COVID-19, the number of sales fell to 283,983, by the end of 2021, car sales increased by 2.5% to 304,149.
Vietnam’s GDP growth rate in 2021 rose to 362.619 billion US dollars, real growth of 2.58%
Considering the spread of COVID-19 in 2020-2021, an annual GDP growth rate of 2%-3% is already a good number in the world. Vietnam’s economy has boomed over the years, but manufacturing wages are still at a low level, less than 50% in China and well below developed countries by 2022.
Vietnam’s auto industry started late, and its development base was weak. After reforms in 1986, Vietnam’s auto industry started. In 1991, the Vietnamese government introduced foreign funds to develop the automobile manufacturing and assembly industry. After 30 years of development, Honda, Toyota, Ford, GM, etc. enter Vietnam through sole proprietorship or co-investment.
They set up a car assembly company in Vietnam. Meanwhile, Vietnam established a domestic automotive company. According to analyst analysis, Vietnam’s complete vehicle production capacity is estimated at 755,000 per year by the end of 2021.
There are hundreds of auto parts manufacturing companies, most of which are SMEs with low production capacity and low technology. The main products are simple spare parts, for example chairs, auto storage batteries.
Because Vietnam’s domestic car production is low and cannot meet the demand of the domestic market, Vietnam needs to import a number of cars every year. From 2015 to 2019, Vietnam’s annual car imports also showed an overall upward trend. However, due to the impact of the epidemic in 2020, the decline in Vietnam’s car sales led to a similar decline in car imports. During 2021, Vietnam imported 160,035 cars, compared to 2020, the number of imports increased by 52.1%.
According to analyst forecasts, since the COVID-19 epidemic has been well controlled in Vietnam, it is expected that the Vietnamese auto market will recover gradually.
According to analyst estimates, for auto parts manufacturers and vehicle manufacturers, the Vietnamese market has plenty of room for growth from 2022 to 2030.
With economic development, per capita income growth and infrastructure development, the Vietnamese market demands more passenger vehicles and commercial vehicles. Vietnam’s auto manufacturers enjoy low labor costs, land and energy costs but also face an imperfect automotive industry chain.
Major Vietnamese auto manufacturers and companies profiled in this report include Honda Vietnam, Toyota Motor Vietnam, Ford Vietnam, GM Vietnam, Hino Motors Vietnam, Isuzu Vietnam, Mekong Auto Corporation, Mercedes-Benz Vietnam, Vietnam Motors Corp. (VMC) and Vina Bintang Motor Corp.
- Impact of COVID-19 on Vietnam’s Automotive industry
- Vietnam auto industry supply and demand
- Big car manufacturers in Vietnam
- Import and Export of cars in Vietnam
- Import and Export of cars in Vietnam by Section
- Vietnam auto market competitive status
- Vietnam’s drivers and car market opportunities
- Vietnam’s automotive industry prospects
Main Topics Covered:
1 Vietnam Automotive Industry Development Environment
1.1 Economic Environment
1.2 Policy Environment
1.2.1 Foreign Investment Preference Policy
1.2.2 Policies Related to the Motor Vehicle Industry
1.3 Impact of COVID-19 on Vietnam’s automotive industry
2 Vietnam Automotive Industry Market Status, 2015-2021
2.1.1 Production Capacity
2.1.2 Output Volume
2.2 Demand in Vietnam Car Market
2.2.1 Total Demand Volume
2.2.2 Request Structure
2.2.3 Automatic Pricing in Vietnam
2.3 Competitive Structure of Vietnam’s Auto Market
2.3.1 Upstream Supplier
2.3.2 Downstream Customers
2.3.3 Competition in the Automotive Industry
2.3.4 Prospective Participants
3 Vietnam Passenger Vehicle Market Analysis, 2015-2021
3.1 Vietnam Passenger Vehicle Supply
3.1.1 Vietnam Passenger Vehicle Production Capacity
3.1.2 Vietnam Passenger Vehicle Output Volume
3.2 Vietnamese Passenger Vehicle Request
3.2.1 Vietnam Passenger Vehicle Demand Volume
3.2.2 Vietnam Passenger Vehicle Market Size
4 Vietnam Commercial Vehicle Market Analysis, 2015-2021
4.1 Vietnam Commercial Vehicle Supply
4.1.1 Vietnam’s Commercial Vehicle Production Capacity
4.1.2 Vietnam Commercial Vehicle Output Volume
4.2 Vietnam Commercial Vehicle Demand
4.2.1 Vietnam Commercial Vehicle Demand Volume
4.2.2 Vietnam Commercial Vehicle Market Size
5 Big Car Manufacturers in Vietnam, 2015-2021
5.1 Honda Vietnam
5.1.1 Company Profile
5.1.2 Operation Status
5.1.3 Development Strategy
5.2 Toyota Motor Vietnam
5.2.1 Company Profile
5.2.2 Operation Status
5.2.3 Development Strategy
5.3 Ford Vietnam
5.4 Vietnamese GM
5.5 Hino Motors Vietnam
5.6 Isuzu Vietnam
5.7 Mekong Auto Corporation
5.8 Mercedes-Benz Vietnam
5.9 Vietnam Motors Corp. (VMC)
5.10 Vina Star Motors Corp. (VINASTAR)
6 Car Import and Export Analysis in Vietnam, 2015-2021
6.1.1 Complete Vehicle Import
6.1.2 Import of Car Accessories
6.1.3 Import Source
7 Prospects of Vietnam’s Auto Market, 2022-2031
7.1 Factors Affecting Development
7.1.1 Favorable Factors
7.1.2 Unfavorable Factors
7.2 Supply and Demand Forecast
7.2.1 Output Volume Forecast
7.2.2 On-Demand Forecast
7.2.3 Import and Export Forecast
7.3 Analysis of Investment Opportunities in Vietnam’s Automotive Industry
7.3.1 Complete Vehicle Manufacturing
7.3.2 Car Accessories
7.3.3 Import & Export of Cars
7.4 Recommendations on the Development of Vietnam’s Automotive Industry
For more information on this report, visit https://www.researchandmarkets.com/r/11jtbb
Vietnam Car Market