Vietnam Automotive Market Predicted to Grow 16 per cent

Vietnam’s automotive market is expected to grow 16 per cent per annum until 2010 and 8 per cent annually from 2010 to 2020, according to the Ministry of Industry and Trade (MoIT).

 

The ministry said domestic motorbike market is growing at a rate of 20 per cent-30 per cent per year, a rate that is forecast to remain steady over the next decade.

 

In 2008, nearly 100,000 automobiles were sold out, the highest so far. The figure is forecast to increase to 200,000-300,000 units by 2020 despite slow sales predicted for this year.

 

The ministry has cooperated with the Ministry of Transport, the Vietnam Society of Automotive and Engineers, and the Hanoi Advertising and International Fair Co. to prepare for an international car show, slated for October 27-30 this year.

 

The annual International Motor Vehicles and Petroleum Products Show or Vietnam Auto & Petro 2009 will take place at the Vietnam Exhibition and Fair Center in Hanoi.

 

“Manufacturers and assemblers want to introduce innovative and special purpose vehicles suitable for Vietnamese market despite difficulties faced by automotive industry due to economic downturn,” said Pham Ngoc Hai, deputy head of the Institute of Industrial Policy and Strategy under the MoIT.

 

The show will be divided into five major categories: means of transport, components and spare parts, machinery and equipment for manufacturing spare parts, equipment for assembling, repair and maintenance and the petrol industry. (VNA, Vietnam & World Economy)