As car imports slow, sales of domestically assembled cars go up

To date, the circular guiding the implementation of the decree has not been issued. Therefore, waiting is the only choice for enterprises. No cars have been imported to Vietnam since the beginning of the year. As imports still have not arrived, the prices of favorite models have been escalating. The situation is not expected to improve in the next three months. However, Tuan said domestically made products can satisfy domestic demand.  Vietnamese tend to buy valuable assets on the days before the new lunar new year. However, despite increased demand, the prices of products made by domestic joint ventures remain stable.  Some models even have selling prices tens of millions of dong less than the manufacturers’ suggested retail prices. As imports are getting scarce, many people have decided to buy domestically assembled cars instead.  Observers said with the total assembly capacity of 500,000 products a year, the supply is still twice as much as demand. If demand surges unexpectedly, automobile manufacturers can easily adjust their car part import plans. “The strike of workers in the Republic of Korea recently affected the car part supply. However, the imports will increase to satisfy domestic demand,” said Le Ngoc Duc, CEO of Hyundai Thanh Cong. Meanwhile, import models such as Fortuner, Honda CR-V and Ford Everest cannot be found in the market, even though buyers are willing to pay high prices for them. The prices of pick-ups are predicted to increase.  The models will still be unavailable until imports arrive, because they are… [Read full story]

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