Domestically assembled car production has just achieved growth for the second consecutive month in the context of the automobile market being forecast to recover.
In the latest report, the General Statistics Office said that the domestic production and assembly of cars in April 2024 is estimated at 25,700 vehicles of all kinds. This figure increased by about 4% compared to the previous month’s output of 24,500 units.
Thus, since February, which coincided with the Lunar New Year holiday, the domestic production and assembly of cars has had two consecutive months of growth. In March, domestic car production increased by about 52% compared to the Tet month. In addition, the car production in April was also about 5% higher than the same period in 2023, showing positive signs.
The fact that car manufacturers continuously increase the production of domestically assembled cars comes in the context of the market showing signs of recovery after the Tet month. According to a report by the Vietnam Automobile Manufacturers Association (VAMA), total car sales in the market in March 2024 reached 27,289 vehicles, up 135% compared to the previous month.
Meanwhile, SSI experts predict that the 2024 car market will recover in both quantity and value thanks to a more prosperous economy, the launch of many new car models, the shortage of chips for cars has been resolved, and loan interest rates have further decreased. This year’s car sales growth could reach 9%.
