Vietnam’s car production grows 27% in 2024

Domestic car production in Vietnam is estimated at 388,500 units in 2024, marking a 27% rise from 2023, according to the General Statistics Office.
A car manufacturing plant in Vinh Phuc province. (Photo: VNA)
A car manufacturing plant in Vinh Phuc province. (Photo: VNA)

Hanoi - Domestic car production in Vietnam is estimated at 388,500 units in 2024, marking a 27% rise from 2023, according to the General Statistics Office.

About 134,500 vehicles were manufactured during the three months of reduced registration fees, lasting from September to November. This figure accounts for about one-third of the year’s total production.

However, in December, domestic car production in Vietnam was estimated at 47,000 units, a significant drop from the 52,400 units produced at domestic factories in the previous month. This decline aligns with the expiration of the 50% registration fees reduction for locally manufactured and assembled cars. Therefore, manufacturers have proactively scaled back production to avoid excess inventory heading into 2025.

By the end of November 2024, sales of domestically assembled vehicles reached 159,868 units, according to the Vietnam Automobile Manufacturers’ Association (VAMA).

It represents a modest 1.6% increase year-on-year and accounts for 59.5% of total car sales in the market.

Despite the moderate growth, the results are noteworthy considering the 2024 registration fee reduction policy lasted only three months, only half the duration of a similar policy in 2023.

Domestic production and sales are expected to grow moving forward, with companies continuing to expand their manufacturing presence in Vietnam.

These include new Chinese brands entering Vietnam, including Omoda and Jaecoo of Chery, Geely and Lynk & Co, with factories built in Thai Binh.

Meanwhile, the European brand Skoda began trial runs of its new car assembly and manufacturing plant in Quang Ninh at the end of 2024. This facility will go into commercial operation in early 2025, with a capacity of 120,000 units annually.

In December, Vietnamese automaker VinFast also launched the construction of an electric car factory in Ha Tinh. The new facility will focus on producing the VF 3 and VF 5 models, which are VinFast's best-selling vehicles.

Having domestic manufacturing facilities will secure supply and allow the sector to benefit from state support policies, ultimately boosting sales and helping to turn Vietnam into an emerging regional hub./.

Source: en.vietnamplus.vn

See also

China surpasses US to become Vietnam’s largest shrimp importer

China surpasses US to become Vietnam’s largest shrimp importer

China exceeded the United States to become Vietnam’s biggest shrimp importer in 2024 with a total value of US$843 million, up 39% year on year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Chinese electric vehicles drive back into Vietnamese market

Chinese electric vehicles drive back into Vietnamese market

About a decade ago, Chinese car brands like Zotye Z8, Beijing X7, and Brilliance V7 entered the Vietnamese market to limited success. But a new fleet of modern Chinese vehicles began to gain traction in the Vietnam market last year.
Vietnam, RoK discuss measures to boost bilateral trade

Vietnam, RoK discuss measures to boost bilateral trade

Vietnam and the Republic of Korea have discussed measures to enhance cooperation for the goal of raising bilateral trade to 150 billion USD by 2030.
January State budget revenue from import-export activities falls 11.7%

January State budget revenue from import-export activities falls 11.7%

State budget revenue from import-export activities in January decreased 11.7% year-on-year to over 27.66 trillion VND (over 1 billion USD).
Nearly 16 trillion VND raised through January bond auctions

Nearly 16 trillion VND raised through January bond auctions

The January auctions saw a strong preference for 10-year and 15-year bonds, representing 80.2% and 14.8% of the total, respectively. Specifically, 10-year bonds raised 12.81 trillion VND, while 15-year bonds garnered 2.36 trillion VND.
New entrants set to energise Vietnam’s stock market in 2025

New entrants set to energise Vietnam’s stock market in 2025

These forthcoming listings not only reflect the resilience of the country's economy, but also offer investors fresh opportunities across various sectors.

See more news

Vietnam, FAO join hands to boost South-South cooperation on agriculture

Vietnam, FAO join hands to boost South-South cooperation on agriculture

United Nations Food and Agriculture Organisation (FAO) Director-General Qu Dongyu's working trip to Vietnam from February 5-8 aims to promote bilateral cooperation in the fields of agriculture, food security, environmental protection, and rural development amid complicated and unpredictable global developments.
Vietnam’s FDI inflow soars by 48.6% in January

Vietnam’s FDI inflow soars by 48.6% in January

The manufacturing and processing industry dominated foreign investment, attracting over 3.09 billion USD, equivalent to nearly 71.3% of total investment and showing a remarkable 99.1% increase year-on-year.
Opportunities for US seafood industry to thrive in 2025

Opportunities for US seafood industry to thrive in 2025

(VEN) - According to a report from Supermarket Perimeter magazine, the US seafood market is expected to undergo some notable changes in 2025.
Apartment prices continue to soar in 2025: MoC

Apartment prices continue to soar in 2025: MoC

The Ministry of Construction said apartment prices are likely to continue soaring in 2025, following a hike last year.
Robust trade activities at border gates signals strong economic start to 2025

Robust trade activities at border gates signals strong economic start to 2025

Import-export activities at Lao Bao and La Lay international border gates in the central province of Quang Tri have experienced a sharp rise in the early days of the Lunar New Year, indicating a positive economic outlook for 2025.
Vietnam

Vietnam's port firms thrive in 2024

According to the Vietnam Maritime Administration, the total cargo volume through the nation's port system reached approximately 864.4 million tonnes, up 14% year-on-year. Container throughput was estimated at 29.9 million TEUs, reflecting a 21% rise.
Digital banking services in Vietnam make remarkable stride

Digital banking services in Vietnam make remarkable stride

More than 87% of Vietnam’s adult population now hold payment accounts at banks while many credit institutions are processing more than 95% of transactions through digital channels.
Important breakthroughs open up new phase of cooperation with Middle East, Africa: official

Important breakthroughs open up new phase of cooperation with Middle East, Africa: official

The friendship and multifaceted cooperation between Vietnam and Middle East and African countries reached important milestones with historical significance, marking a new phase in their relationships.​
Vietnam has six billionaires in Forbes’ latest global rich list

Vietnam has six billionaires in Forbes’ latest global rich list

Vietnam has six billionaires after chairman of Masan Group Nguyen Dang Quang rejoining the Forbes’ latest list of the world’s richest individuals.
Vietnam earns 51.7 bln USD from exports to EU in 2024

Vietnam earns 51.7 bln USD from exports to EU in 2024

Vietnam shipped nearly 51.7 billion USD to the European Union in 2024, marking an 18.5% increase, equivalent to an additional 8.08 billion USD compared to the previous year.
Latest Most Read
Sri Lanka seeks Vietnamese investment in transport infrastructure

Sri Lanka seeks Vietnamese investment in transport infrastructure

Vietnamese Ambassador to Sri Lanka Trinh Thi Tam had a recent meeting with Sri Lankan Minister of Transport, Highways, Ports and Civil Aviation Bimal Rathnayake to consolidate the bilateral ties as the two countries are celebrating the 55th anniversary of their diplomatic relations this year.
PM works with Da Nang

PM works with Da Nang's leaders to remove difficulties for projects

Prime Minister Pham Minh Chinh had a working session with leaders of Da Nang on February 9 evening, seeking ways to remove difficulties for, speed up the implementation of projects and works in the central city, and strive to obtain a double-digit growth in 2025.
Vietnam

Vietnam's car industry to diversify supply chain

While China remains a significant supplier, recent trade data highlights Vietnam’s efforts to diversify supply to meet industry demands.
Temu refunds customers in Vietnam after ceasing operations

Temu refunds customers in Vietnam after ceasing operations

Temu, a major cross-border e-commerce platform of China, said that it has refunded customers in Vietnam on request of the Ministry of Industry and Trade, after deciding to cease operations in the market.
Vietnam – US trade tops 11 billion USD in January

Vietnam – US trade tops 11 billion USD in January

In January, Vietnam’s export to the US reached 9.8 billion USD, while import stood at 1.3 billion USD, resulting in a trade surplus of 8.5 billion USD.
huong pagoda festival a destination of tourism culture and vietnamese tradition

Huong Pagoda Festival: A Destination of tourism, culture, and Vietnamese tradition

The Huong Pagoda Festival welcomes visitors from February 3 to May 1, 2025 (from the 6th day of the first lunar month to the 4th day of the fourth lunar month). This year’s festival marks a significant milestone as the Huong Son Complex, a nationally recognised special relic site, has been officially designated a municipal-level tourist area.
noble traditions of communist party of vietnam

Noble traditions of Communist Party of Vietnam

Throughout its leadership of the revolution, the Communist Party of Vietnam has upheld many noble traditions, reflecting its core values and ideals.
building a transparent and strong party in line with president ho chi minhs ideology

Building a transparent and strong Party in line with President Ho Chi Minh's Ideology

President Ho Chi Minh, the founder, builder, and trainer of the Communist Party of Vietnam, has left a glorious revolutionary cause and an invaluable legacy, which is Ho Chi Minh’s ideology and a shining example of virtues. His exemplary life, devoted entirely to the cause of national independence, freedom, and the happiness of the people, was centred on the paramount goal of building a transparent and strong ruling Communist Party of Vietnam. This aspiration serves as the nucleus for leading the entire political system. Key elements include political integrity, strengthening grassroots organisations, fostering unity within the Party, implementing self-criticism and criticism, and conducting regular Party inspections and corrections. His teachings continue to provide profound and lasting guidance for current Party-building efforts.
key targets for sci tech innovation and national digital transformation by 2030

Key targets for sci-tech, innovation and national digital transformation by 2030

According to the Politburo’s resolution on breakthroughs in science, technology, innovation, and national digital transformation, Vietnam has set ambitious targets for 2030. The country aims to achieve advanced capabilities in science, technology, and innovation across several key fields, ranking among the leading nations in the upper-middle-income group.
govt action programme for breakthroughs in science technology and digital transformation

Gov't action programme for breakthroughs in science, technology, and digital transformation

To achieve the goals outlined in Resolution No. 57-NQ/TW, the Government has called on ministries, ministerial-level agencies, government-affiliated bodies, and provincial and municipal People’s Committees to prioritise translating these objectives into concrete actions and implementing various tasks alongside their regular duties in the coming period.
EVs will no longer be exempt from registration fees

EVs will no longer be exempt from registration fees

Instead of enjoying a zero percent registration fee, battery-powered electric vehicles (EVs) will be required to pay 50% of the fee applicable to internal combustion engine cars with the same seating capacity.
Master plan on atomic energy development, application approved

Master plan on atomic energy development, application approved

Efforts will be made to urgently complete and develop the national nuclear power infrastructure to support the implementation of the Ninh Thuan nuclear power project, while continuing to carry out the national nuclear power development programme.
Government submits revised 8% GDP plan to National Assembly

Government submits revised 8% GDP plan to National Assembly

The government has planned to raise its GDP growth target to 8% or higher for 2025 and has submitted the revised plan to the National Assembly for consideration and approval at its coming extraordinary session in Hanoi next week.
PM asks for response plans for adverse scenarios in 2025, including trade war

PM asks for response plans for adverse scenarios in 2025, including trade war

Prime Minister Pham Minh Chinh has requested ministries, sectors and localities to develop response plans for potential adverse scenarios in 2025 based on global complications, including the risk of a trade war, to keep the economy on the right recovery track.
Vietnam

Vietnam's car industry to diversify supply chain

While China remains a significant supplier, recent trade data highlights Vietnam’s efforts to diversify supply to meet industry demands.
Thuan An fishing port opens, boosting Hue’s seafood industry

Thuan An fishing port opens, boosting Hue’s seafood industry

The second docking area of Thuan An Fishing Port has a minimum cargo handling capacity of 20,000 tonnes per year, and is capable of simultaneously accommodating 500 fishing vessels of at least six metres in length for docking and storm shelter.
Vietnam emerges as a promising hub for semiconductor industry development

Vietnam emerges as a promising hub for semiconductor industry development

For Vietnam, the successful development of its semiconductor industry and its ability to seize on opportunities rests on preparing a skilled workforce, a task entrusted to higher education institutions.
Chinese carmakers to build automobile plants in Thai Binh

Chinese carmakers to build automobile plants in Thai Binh

Work on two major automobile manufacturing and assembly plants with Chinese investments will start in northern Thai Binh province in the first half of 2025.
Foreign investors channel 101 million USD into Tay Ninh last month

Foreign investors channel 101 million USD into Tay Ninh last month

The southeastern province of Tay Ninh attracted three foreign invested projects valued at 101 million USD in January, according to its People’s Committee.
FDI attraction highlights January economic picture

FDI attraction highlights January economic picture

(VEN) - In January 2025, Vietnam attracted more than US$4.33 billion of foreign direct investment (FDI), a year-on-year increase of 48.6 percent, adding a bright spot to the country’s economic picture in the first month of the year.
Binh Duong lures additional 1 billion USD of investment

Binh Duong lures additional 1 billion USD of investment

The People’s Committee of Binh Duong province has granted in-principle approval and investment certificates to seven foreign-invested projects, with a total registered capital of 1 billion USD.
Denmark’s CIP seeks to jointly develop Vietnam’s first offshore wind farm

Denmark’s CIP seeks to jointly develop Vietnam’s first offshore wind farm

Copenhagen Infrastructure Partners (CIP), a major Danish renewable energy developer, is seeking the Vietnamese government’s approval to jointly develop the first offshore wind power project in Vietnam.
Vietnam to introduce new taxes on real estate to curb speculation

Vietnam to introduce new taxes on real estate to curb speculation

Vietnam is considering new taxes on real estate to address rising prices and mitigate speculation, after prior initiatives were postponed amid public backlash.
Banks stimulate credit from the beginning of 2025

Banks stimulate credit from the beginning of 2025

Commercial banks have stimulated credit demand right from the start of the year to support economic growth.
NA Chairman outlines State Audit Office

NA Chairman outlines State Audit Office's key tasks for 2025

Man underscored the crucial role played by the SAV in the country's remarkable 2024 achievements, spanning socio-economic development, national defence - security, and political system building.
Securing banking transactions in the digital environment

Securing banking transactions in the digital environment

Digital transformation is bringing substantial benefits to the banking sector, including the growth cashless payments. However, alongside these advantages, banking operations are facing numerous risks and challenges as cyber-attacks, data breaches, and fraudulent account theft become increasingly sophisticated.
New law to enhance state management of mineral resources

New law to enhance state management of mineral resources

The Mineral and Geology Law is expected to provide a legal framework, enhance the efficiency of State management over mineral resources, and promote geological surveys of minerals and the mining industry.
Tree planting festival unites communities for conservation

Tree planting festival unites communities for conservation

Minister of Natural Resources and Environment Du Duc Duy took the stage to remind everyone of tree planting’s role in biodiversity conservation, environmental protection, and climate change adaptation.
A green Vietnam is a priceless heritage

A green Vietnam is a priceless heritage

In the early days of spring, when the earth and sky are covered with a fresh green hue, it is realised that a green Vietnam is not just a dream but also the responsibility and mission of today’s generation. This is the most valuable legacy we can leave for the children and future generations. What could be more precious than endless green forests, crystal-clear rivers, and lush green cities where people live in harmony with nature?
Vietnam - attractive destination for carbon credit market

Vietnam - attractive destination for carbon credit market

(VEN) - The carbon market is an important tool in the green economy, helping businesses and organizations manage their greenhouse gas emissions through the purchase and sale of carbon credits.
Universities launch new academic programmes on semiconductor chip design

Universities launch new academic programmes on semiconductor chip design

Many universities in Vietnam have announced the launch of new academic programmes related to semiconductor chip design in 2025 to meet the increasing social demand and to realize the National Semiconductor Industry Development Strategy by 2030 with a Vision to 2050.
100% of administrative procedures for foreigners in Vietnam to be conducted online

100% of administrative procedures for foreigners in Vietnam to be conducted online

Prime Minister Pham Minh Chinh, who also serves as the head of the committee, called for streamlining administrative procedures and reducing processing times, and implementing online application methods for visa issuance.
Vietjet, OpenAirlines partner to optimise flight fuel efficiency using AI-driven technology

Vietjet, OpenAirlines partner to optimise flight fuel efficiency using AI-driven technology

Vietjet will be the first airline in Vietnam to adopt SkyBreathe®, an innovative platform that leverages AI, big data algorithms, and machine learning to analyse numerous flight data and optimise fuel usage.
UN sees Vietnam as a key player in digital transformation and AI

UN sees Vietnam as a key player in digital transformation and AI

Vietnam is not only a model for technological development but also holds the potential to become a key hub for enhancing AI capabilities in developing countries.
HCM city’s urban area master plan approved

HCM city’s urban area master plan approved

Thu Duc city will be an area leading the HCM City’s economy and other metropolitan areas through knowledge-based economic activities such as training, research, high-tech production and development cooperation.
Ho Chi Minh City strives to become a city that embodies advanced global values

Ho Chi Minh City strives to become a city that embodies advanced global values

In 2024, Ho Chi Minh City gradually returned to its developmental trajectory as growth indicators showed positive results. The implementation of special mechanisms has helped the city gradually remove bottlenecks, mobilise development resources, and reaffirm its status as a major economic hub of the country.
Overseas Vietnamese trust in Party’s leadership in new development era

Overseas Vietnamese trust in Party’s leadership in new development era

Overseas Vietnamese wish that the Party and the State will continue to pay attention to their community with specific policies, which foster their greater connections with the homeland and better integration into their host countries.
Vietnamese community in South Africa gathers to celebrate Tet

Vietnamese community in South Africa gathers to celebrate Tet

Tet is a time when the Vietnamese community of 200-300 people living, working, and studying in South Africa come together for celebration of the Lunar New Year.
Vietnam Coffee Roasting Competition 2025 launched

Vietnam Coffee Roasting Competition 2025 launched

The Vietnam Coffee Roasting Competition 2025 has officially been launched to find and honour high-quality coffee beans while affirming the value and potential of Vietnamese coffee in the international market.
Nearly 60 Vietnamese enterprises participate in Ambiente Frankfurt 2025

Nearly 60 Vietnamese enterprises participate in Ambiente Frankfurt 2025

Roughly 60 Vietnamese enterprises are showcasing their range of products at Ambiente 2025, a world-renowned exhibition fair on consumer goods and gifts, which opened in Frankfurt, Germany on February
Six Hoan My Group hospitals certified by Australian Council on Healthcare Standards International

Six Hoan My Group hospitals certified by Australian Council on Healthcare Standards International

Six hospitals in Vietnam's leading private healthcare network, Hoan My Medical Group, have achieved international certification from the Australian Council on Healthcare Standards International (ACHSI). This prestigious certification was awarded to Hoan My Saigon Hospital, Hoan My Cuu Long Hospital, Hoan My Thu Duc Hospital, Hoan My Da Nang Hospital, Hoan My Da Lat Hospital, and Hanh Phuc International Hospital. This recognition underscores Hoan My’s unwavering commitment to delivering world-class healthcare.
PV GAS affirms determination to reform, succeed

PV GAS affirms determination to reform, succeed

(VEN) - In mid-December 2024, in Ho Chi Minh City, PetroVietnam Gas Corporation (PV Gas) held a Labor Conference to review production and business activities in 2024, and carry out the 2025 plan.
Bac Giang goes vibrant with culture – tourism week

Bac Giang goes vibrant with culture – tourism week

The 2025 Culture – Tourism Week, taking place from February 8-13, features an array of distinct activities designed to highlight Bac Giang province's potential and strengths.
Da Nang in world’s top 10 culinary destinations in 2025

Da Nang in world’s top 10 culinary destinations in 2025

(VEN) - The world’s leading culinary guide Michelin Guide has selected 10 culinary destinations to explore in 2025, of which Da Nang is a new name, standing out with fresh seafood and dishes rich in local flavors.
Yen Tu Spring Festival draws crowds on opening day

Yen Tu Spring Festival draws crowds on opening day

The Yen Tu Spring Festival in the northern province of Quang Ninh attracted nearly 20,000 domestic and foreign visitors on its opening day (February 7).
Soc Trang works to preserve ethnic minorities’ culture

Soc Trang works to preserve ethnic minorities’ culture

The Party Committee and People's Committee of Soc Trang province where more than 35% of total population are ethnic minorities have always paid attention to preserving and promoting the traditional values of local ethnic minorities.
Promising year ahead for foreign tourist attraction

Promising year ahead for foreign tourist attraction

(VEN) - Vietnam has welcomed a significant number of international tourists during the Lunar New Year holiday (Tet), signaling a prosperous year of 2025 for the tourism industry.
Tourism sector enjoys good start for 2025

Tourism sector enjoys good start for 2025

Many localities in Vietnam recoorded trillions of VND in tourism revenue during the nine-day Lunar New Year 2025 holiday.
Tourism sector sees strong growth during Lunar New Year 2025

Tourism sector sees strong growth during Lunar New Year 2025

(VEN) - The Lunar New Year (Tet) 2025 holiday witnessed a boom in Vietnam’s tourism industry with impressive revenues in many localities across the country.
Hanoi welcomes 1 million tourists during Tet holiday

Hanoi welcomes 1 million tourists during Tet holiday

Hanoi hosted some 1 million tourists during the nine-day Tet (Lunar New Year) holiday which began on January 25, marking a year-on-year rise of 6%.
Mobile Version