Domestic car production peaks, ensures abundant supply
A car manufacturing plant in Vĩnh Phúc Province. — VNA/VNS Photo |
The figure is 5.8 per cent higher than September, when 36,100 cars were produced and 22.8 per cent higher than October 2023.
In total, for the first ten months of the year, about 281,400 cars were produced and assembled in Việt Nam, up 12.1 per cent compared to the same period in 2023.
According to GSO, around 56,301 new cars, both domestically produced and imported, were added to the Vietnamese market in October. This figure increased slightly by 3.3 per cent compared to September.
The number of imported cars was 18,101, down 1.65 per cent compared to September. They generated a turnover value of US$374 million, slightly lower than the $378 million earned last month.
However, the volume of imported cars in October this year was a sharp increase of 88.3 per cent compared to October 2023, generating 46.7 per cent more value.
The total number of imported cars in the first ten months of 2024 was estimated at 143,084 units, with a value of $2.94 billion. Compared to the same period in 2023, this number increased sharply by 37.8 per cent in volume and 19.1 per cent in value.
According to market experts, it is understandable that domestic manufacturers increased production in October, since they need to create abundant inventory for the market towards the end of the year.
In addition, there is an ongoing Government's preferential policy that reduces by half the car registration fee when buying domestically produced cars until the end of November.
See also
Việt Nam needs to improve policy quality to escape middle-income trap: conference
09:00 | 07/12/2024 Economy
Việt Nam: a crucial partner for the US government, firms: US diplomat
08:10 | 07/12/2024 Economy
Việt Nam's housing prices rise almost 60% in five years
08:53 | 06/12/2024 Economy
Việt Nam's ETFs withdraw nearly $53 million in November
08:42 | 06/12/2024 Economy
Vietnamese Government, US chip giant NVIDIA sign cooperation agreement
22:26 | 05/12/2024 Economy
Hà Nội lures US$1.8 billion of FDI in 11 months
22:21 | 05/12/2024 Economy
See more news
State budget revenue increases by 16 per cent in 11 months
16:57 | 05/12/2024 Economy
Việt Nam needs to accelerate seaport greening
16:46 | 05/12/2024 Economy
AirAsia announces five new routes to Việt Nam
14:54 | 04/12/2024 Economy
Real estate market experiences positive recovery
14:36 | 04/12/2024 Economy
Seminar seeks to boost Vietnam-China e-commerce cooperation
11:41 | 04/12/2024 Economy
Financial security and wellness: a key focus of Vietnamese customers
09:52 | 04/12/2024 Economy
Recent appointments reduce Việt Nam’s “Trump risk” for investors
09:42 | 04/12/2024 Economy
Drastic measures needed to accelerate disbursement of foreign-funded public investment
09:37 | 04/12/2024 Economy
Vietnam to lead Southeast Asia’s e-commerce revolution: IMARC report
11:27 | 03/12/2024 Economy
Foreign investors set sights on Việt Nam's food processing sector
11:13 | 03/12/2024 Economy
Kinh Bac Art 3 contemporary painting exhibition opens
13:14 | 08/12/2024 Culture
Vietnam - US trade turnover hits over US$122 billion in 11 months
11:19 | 08/12/2024 Trade
Top legislator wraps up official visit to Japan
09:23 | 08/12/2024 News and Events
Finance ministry to use AI in stock market surveillance
09:18 | 08/12/2024 Finance-Banking
Vietnam, Belgium deepen parliamentary cooperation
09:13 | 08/12/2024 Cooperation
Multimedia
16 intangible cultural heritage elements recognised by UNESCO
10:06 | 06/12/2024 Infographic
Vietnam-Japan Comprehensive Strategic Partnership for Peace and Prosperity in Asia and the World
08:49 | 04/12/2024 Infographic
Streamlining political system's organisational apparatus
10:17 | 03/12/2024 Infographic
Vietnam-Singapore Strategic Partnership
15:28 | 02/12/2024 Infographic
Local vibe at wholesale market
10:51 | 02/12/2024 Lifestyle
Plan to streamline Government's organisational apparatus finalised
09:38 | 06/12/2024 Policy
Vietnam slashes government apparatus, with 9 minitries, agencies cut
10:25 | 04/12/2024 Policy
Specific plans announced to restructure Party apparatus
16:46 | 03/12/2024 Policy
Streamlining political system: Time does not wait
15:40 | 02/12/2024 Policy
Việt Nam resumes nuclear power project amid rising energy demands
17:07 | 07/12/2024 Energy
Việt Nam's supporting industry for electronics needs more support
16:58 | 07/12/2024 Support industries
Vietnam’s automotive industry seizes golden opportunities from global supply chain
13:17 | 06/12/2024 Support industries
Rubber industry adaptive to EU Deforestation Regulation
17:03 | 04/12/2024 Industry
Vietnamese businesses explore Indonesian market
18:01 | 07/12/2024 Investment
Vietnam attracts nearly 31.4 billion USD in foreign investment in 11 months
17:59 | 06/12/2024 Investment
Top legislator suggests Japan’s Tokyu Group expand investment in Vietnam
15:26 | 05/12/2024 Investment
Chinese media highlights Vietnam as attractive investment destination in 2025
16:38 | 03/12/2024 Investment
Finance ministry to use AI in stock market surveillance
09:18 | 08/12/2024 Finance-Banking
Year-end profits put heavy pressure on banks
15:12 | 06/12/2024 Finance-Banking
Party chief receives leader of Japan Bank for International Cooperation
08:51 | 05/12/2024 Finance-Banking
Central bank increases credit growth limit for banks for second time this year
18:43 | 30/11/2024 Finance-Banking
Seeking capital for green transformation remains tough
16:52 | 05/12/2024 Environment
Drainage infrastructure development behind pace of urbanisation
11:07 | 04/12/2024 Environment
Việt Nam rattled by 458 earthquakes in 11 months
14:47 | 03/12/2024 Environment
Hà Nội determined to revive its polluted rivers
10:31 | 03/12/2024 Environment
NVIDIA to build AI research and data centres in VN
08:50 | 06/12/2024 Science - Technology
VinFuture Sci-Tech Week starts in Hà Nội
16:53 | 05/12/2024 Science - Technology
Nineteen initiatives receive Vietnam Smart City Awards 2024
11:46 | 04/12/2024 Science - Technology
Empowering Vietnamese firms with digital transformation
11:31 | 03/12/2024 Science - Technology
The VinFuture 2024 Grand Prize honours 5 scientists for transformational contributions to the advancement of deep learning
17:15 | 07/12/2024 Society
With strong commitment and substantial investment, Việt Nam can end AIDS by 2030
15:50 | 06/12/2024 Society
Mang Den Airport construction plan proposed
14:26 | 06/12/2024 Society
US to provide 12.5 million USD to support Vietnam in combating IUU fishing
10:15 | 06/12/2024 Society
2024 Vietnam Business Day opens shop in Japan
14:49 | 04/12/2024 Vietnamese Brands
Việt Nam's OCOP products debut at AF-L'ARTIGIANO IN FIERA 2024 in Milan
14:55 | 02/12/2024 Vietnamese Brands
Top 10 reputable logistics companies in 2024 announced
07:33 | 01/12/2024 Vietnamese Brands
150 products honoured as “Vietnamese Goods Loved by Consumers 2024”
11:34 | 29/11/2024 Vietnamese Brands
Kinh Bac Art 3 contemporary painting exhibition opens
13:14 | 08/12/2024 Culture
Exhibition on royal culture of Huế opens
14:45 | 04/12/2024 Culture
Vietnamese artisans bring unique handicrafts to Milan
11:35 | 03/12/2024 Culture
Hanoi Digital Pho gives experience of unique culinary essence
09:19 | 03/12/2024 Culture
15.8 million int'l tourists came to Việt Nam in first 11 months, nearing 2024 target
07:00 | 07/12/2024 Tourism
2025 holiday schedule announced early, expected to boost tourism
11:33 | 04/12/2024 Tourism
Developing green and sustainable tourism as a pathway to growth
09:22 | 04/12/2024 Tourism
Việt Nam, RoK expand tourism cooperation
11:40 | 03/12/2024 Tourism