Local car production on the rise

A Thaco Mazda factory operated by the Truong Hai Automobile Joint Stock Company (Thaco). — VNA/VNS Photo Thống Nhất

HÀ NỘI — The automobile market is expected to change dramatically from now to the end of this year as the production of cars in Việt Nam starts to recover.

According to the Ministry of Industry and Trade (MoIT), the volume of locally-assembled cars in July was estimated at  二 三, 二00 units, up  三 一. 四 per cent compared with the same period last year.

From January-July, automobile production reached about  一 四0, 八00 units, increasing by  九. 五 per cent on-year.

According to the Industrial Policies Strategies Institute (IPSI) under the Ministry of Trade and Industry, domestic production is expected account for an average of  一 八. 五 per cent per annum from  二0 一 八- 二 五, but then drop off to  一 三. 八 per cent per year from  二0 二 五- 三 五. Vehicle production is predicted to reach  五 三 一, 五 八 五 units by  二0 二 五 and  一. 七 七 million units by  二0 三 五.

In terms of imports, after meeting the requirements of Government Decree  一 一 六/ 二0 一 七/NĐ-CP, which stipulates the conditions for production, assembly, import and business of automobile warranties and maintenance services issued on October  一 七 last year, the second half of this year will likely rise sharply over the first half of this year.

Statistics from the Vietnam General Department of Customs showed that Việt Nam imported nearly  五, 七00 units in July, marking the highest volume in month since early this year. Most cars were imported from Thailand, Indonesia and South Korea.

Việt Nam also imported auto parts from Japan, South Korea, Thailand, Indonesia and India. — VNS