Chien Thang truckVinFast LUX SUV V8 at the 2019 Geneva Motor Show
The automotive industry in Vietnam is a fast-growing sector mainly reliant on domestic sales. All currently produced models are designed abroad by foreign brands, and many rely on knock-down kit production. Due to high import taxes on automobiles, the Vietnamese government protects domestic manufacturing. Although Vietnam is a member of the ASEAN Free Trade Area, automobile imports fall under an exception. Since January 1, 2018, the 30% import tax has been discontinued as part of ASEAN agreements.[1] Currently,[when?] the Vietnamese motor industry is not deemed competitive enough to make exports feasible.[citation needed] As of April 2018, 85% of car sales in Vietnam were produced domestically from knock-down kits.[2]
Before Đổi Mới, automobile ownership in Vietnam was limited, and the vehicles present were imported from Second World countries that were more politically aligned with the government. In 1995, the first automobile factories were built, using knock-down kits to produce vehicles, starting with Mitsubishi, Toyota, and Isuzu. Between 2003 and 2006, the automobile sales tax increased from 5% to 50%, slowing down car sales.[3]
The Vietnamese car market is relatively small, albeit the fastest growing in Southeast Asia.[4]
Most automobile manufacturers in Vietnam are members of the (non-governmental) Vietnam Automobile Manufacturers' Association (VAMA).[5]
^"Many carmakers join Honda, Toyota in suspending exports to Vietnam – Tuoi Tre News". 20 January 2018.
^SALES REPORT (APRIL 2018)
^Vietnam's Automotive Component Industry: Ready to go global? (Report). PricewaterhouseCoopers. 2007.
^Cite error: The named reference vneconomictimes was invoked but never defined (see the help page).
^"VAMA Introduction". vama.org.vn.
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