Vietnam’s automobile market ranks fourth in Southeast Asia

Vietnam’s automobile market currently ranks fourth in the Southeast Asia in terms of sales volume and domestic production capacity, according to ASEAN Automotive Federation (AAF).

Illustrative image (Photo: VNA)
Illustrative image (Photo: VNA)

With nearly 300,000 cars sold in 2020, Vietnam overtook the Philippines to become the fourth largest automobile market in Southeast Asia.

The AAF complied the data provided by automobile associations from countries in the region, except for Timor Leste, Laos and Cambodia.

In 2020, the region posted a combined sales volume of new vehicles at 2,453,808, down 29% year-on-year due to impacts from the COVID-19 pandemic.

Brunei became the only ASEAN member country to post an increase in car sales from January to November last year.

According to the report, economic activities across the region were severely disrupted by business and social lockdowns imposed to help curb the spread of the COVID-19 pandemic. The automobile industry was one of the worst-affected markets in the region last year.

Motor vehicles sold in ASEAN declined 29% to 2.45 million units from January till November 2020 from 3.46 million units in the previous year.