Domestic automobile industry set for good growth

The Vietnamese automobile industry is expected to grow well, driven mainly by an increase in per capita income, demand for cars, and infrastructure improvement. Speaking at a seminar on auto industry, held during the Automechanika HCM City expo, Nguyen Thanh Dam, chairman of Vast Group JSC, said that production reached 215,000 autos last year, which was modest compared to other countries in the region. This accounted for just 0.2 per cent of the number of vehicles produced globally. More than 352,200 units were bought in Viet Nam last year, ranking fourth in the ASEAN region after Indonesia (1.1 million units), Thailand (950,000 units), and Malaysia (560,000). The average number of cars per 1,000 people in Viet Nam was still low (at 23 cars per 1,000 people) compared to other countries, Dam said. With an increase in income, a “golden demographic” with the number of people having good earnings now accounting for 52 per cent of the population, demand for cars among young families and car consumption is expected to increase strongly. “There will be fierce competition among large automobile companies this year,” he said, adding that carmakers would launch many new models to expand their market share. The automobile market… Read full this story

Domestic automobile industry set for good growth have 276 words, post on bizhub.vn at February 28, 2019. This is cached page on VietNam Breaking News. If you want remove this page, please contact us.