Vietnam Automobile Sales Rebound In February

The Vietnam Automobile Manufacturers’ Association (VAMA) has reported a month-on-month increase of 11 percent in automobile sales in February—its members sold 17,616 vehicles in the month.

READ: Vietnam Supports Domestic Automotive Manufacturing

Sales of domestically assembled vehicles increased 22 percent to 11,697 units while imported vehicle sales dropped four percent to 5,919 units.

The Vietnam government is implementing favourable policies to drive further growth in the automotive market in 2020. This includes removal of import tax for auto parts and reducing tax on domestically manufactured car components, which would help to reduce operational costs.

Other policies proposed by the Ministry of Industry and Trade (MoIT) includes lowering corporate income tax for auto industry and lower loan interest rates for purchasing of domestically manufactured vehicles.

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