Dublin, Sept. 07, 2022 (GLOBE NEWSWIRE) — The “Research Report on Vietnam’s Automobile Industry 2022-2031” report has been added to ResearchAndMarkets.com’s offering.
According to the analyst’s analysis, the annual sales of automobiles 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, sales amount decreased to 283,983, by the end of 2021, sales of automobiles increased by 2.5% to 304,149.
The growth rate of Vietnam’s GDP in 2021 rose to 362.619 billion US dollars, a real growth of 2.58%
Considering the spread of COVID-19 in 2020-2021, the annual GDP growth rate of 2%-3% is already a good figure in the world. Vietnam’s economy has been increasing rapidly for many years, but wages of the manufacturing are still at a low level, which were less than 50% in China and far below that of the developed countries in 2022.
Vietnam auto industry starts late, and the development base is weak. After the reform in 1986, Vietnam auto industry started. In 1991, Vietnam government introduce foreign funds to develop automobile manufacture and assemble industry. After 30-year development, Honda, Toyota, Ford, GM, etc. entered Vietnam through sole proprietorship or joint-investment.
They established automobile assemble enterprises in Vietnam. Meanwhile, Vietnam established domestic auto enterprises. According to the analyst’s analysis, the production capacity of complete vehicles in Vietnam is estimated to 755,000 per year by the end of 2021.
There are hundreds of auto part manufacture enterprises, most of which are SMEs featured with low production capacity and low technology. Major products are simple parts, e.g. seats, auto storage batteries.
Since Vietnam’s domestic automobile production is low and cannot meet the domestic market demand, it needs to import a certain number of automobiles every year. From 2015 to 2019, Vietnam’s annual automobile imports also show an overall upward trend. However, due to the impact of the epidemic in 2020, Vietnamese automobiles the decline in sales has caused the same decline in car imports. During 2021, Vietnam imported 160,035 automobiles, compared with 2020, the import amount increased by 52.1%.
According to the analyst’s forecast, as the COVID-19 epidemic has been well controlled in Vietnam, it is expected that the Vietnamese auto market will gradually recover.
According to the analyst’s forecast, for auto parts manufacturers and vehicle manufacturers, the Vietnamese market has a lot of room for growth from 2022 to 2030.
With the economic development, the growth of income per capita and infrastructure construction, Vietnam market demands more for passenger vehicles and commercial vehicles. Vietnam auto manufacture enjoys low labor cost, land and energy cost but also faces imperfect auto industry chain.
Major auto manufacturers and companies in Vietnam 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 Star Motors Corp.
- The impact of COVID-19 on the Vietnam Automobile industry
- Supply and demand of Vietnam automobile industry
- Major auto manufacturers in Vietnam
- Import and Export of automobiles in Vietnam
- Import and Export of automobiles in Vietnam by Section
- Competition status of Vietnam automobile market
- Drivers and opportunities of Vietnam automobile market
- Prospect of Vietnam auto industry
Key Topics Covered:
1 Development Environment of Vietnam Automobile Industry
1.1 Economic Environment
1.2 Policy Environment
1.2.1 Preferential Policies on Foreign Investment
1.2.2 Policies Related to Auto Industry
1.3 The impact of COVID-19 on the Vietnam automotive industry
2 Market Status of Vietnam Automobile Industry, 2015-2021
2.1.1 Production Capacity
2.1.2 Output Volume
2.2 Demand on Vietnam Auto Market
2.2.1 Total Demand Volume
2.2.2 Demand Structure
2.2.3 Auto Price in Vietnam
2.3 Competition Structure of Vietnam Auto Market
2.3.1 Upstream Suppliers
2.3.2 Downstream Customers
2.3.3 Competition in Auto Industry
2.3.4 Potential Entrants
3 Analysis on Vietnam Passenger Vehicle Market, 2015-2021
3.1 Supply of Vietnam Passenger Vehicle
3.1.1 Production Capacity of Vietnam Passenger Vehicle
3.1.2 Output Volume of Vietnam Passenger Vehicle
3.2 Demand of Vietnam Passenger Vehicle
3.2.1 Demand Volume of Vietnam Passenger Vehicle
3.2.2 Market Size of Vietnam Passenger Vehicle
4 Analysis on Vietnam Commercial Vehicle Market, 2015-2021
4.1 Supply of Vietnam Commercial Vehicle
4.1.1 Production Capacity of Vietnam Commercial Vehicle
4.1.2 Output Volume of Vietnam Commercial Vehicle
4.2 Demand of Vietnam Commercial Vehicle
4.2.1 Demand Volume of Vietnam Commercial Vehicle
4.2.2 Market Size of Vietnam Commercial Vehicle
5 Major Auto Manufacturers in Vietnam, 2015-2021
5.1 Honda Vietnam
5.1.1 Enterprise Profile
5.1.2 Operation Status
5.1.3 Development Strategy
5.2 Toyota Motor Vietnam
5.2.1 Enterprise Profile
5.2.2 Operation Status
5.2.3 Development Strategy
5.3 Ford Vietnam
5.4 GM Viet Nam
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 Analysis on Import and Export of Automobiles in Vietnam, 2015-2021
6.1.1 Complete Vehicle Import
6.1.2 Import of Auto Accessories
6.1.3 Import Sources
7 Prospect of Vietnam Auto Market, 2022-2031
7.1 Factors Influencing Development
7.1.1 Favorable Factors
7.1.2 Unfavorable Factors
7.2 Forecast on Supply and Demand
7.2.1 Forecast on Output Volume
7.2.2 Forecast on Demand
7.2.3 Forecast on Import and Export
7.3 Analysis on Investment Opportunities in Vietnam Automobile Industry
7.3.1 Complete Vehicle Manufacture
7.3.2 Auto Accessories
7.3.3 Import & Export of Automobiles
7.4 Recommendations on Vietnam Auto Industry Development
For more information about this report visit https://www.researchandmarkets.com/r/11jtbb
- Vietnamese Automobile Market