Dallas, TX (PRWEB) January 12, 2014
In recent 10 years, Vietnamese economy develops fast. Vietnamese GDP per capita rose from USD 400 in 2000 to USD 1,500 in 2012.
Vietnam auto industry starts late and the development base is weak. After the reform in 1986, Vietnam auto industry started. In 1991, Vietnam governments introduce foreign funds to develop automobile manufacture and assemble industry. After 20-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. Currently, the production capacity of complete vehicles in Vietnam is estimated to over 100,000 per year.
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. Generally, auto parts in Vietnam depend on import.
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In 2012, the sales volume of domestic automobiles in Vietnam was about 93,000, decrease by 33% YOY. In 2012, the import volume of imported complete vehicles in Vietnam was 27,400, decrease by 49.8% YOY. The decrease in import was caused by the gloomy national economy as well as the increase in the automobile registration tax and the import tariff. In 2012, the largest import origin of autos in Vietnam was Korea, with the import volume of 11,800; The second largest was China, with the import volume of 3,900. From the data in 2013, Vietnam automobile market grew up over 2012.
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, land and energy cost but also faces imperfect auto industry chain.
Vietnam auto industry competes with Thailand, Indonesia and those ASEAN countries as well as China, Korea, Japan and those assigned with ASEAN agreement. By 2018, the import tariff for China, Korea and Japan will be 5%. Vietnam government will release a series of supportive polices to promote domestic automobile industry.
CRI forecasts Vietnam market will be the fastest-growing auto market in the globe by 2020. For auto manufacture enterprises, auto parts manufacturers and auto trader and distributors, Vietnam market is growing and attractive.
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