1. VinFast lists its shares on the US stock exchange
On August 15, 2023, VinFast Auto shares officially began trading on the Nasdaq Global Select Market.
VinFast is the first Vietnamese company to successfully list its stock on the US stock exchange. After this event, which has been described as a step towards entering the global financial market, VinFast is moving forward with plans to expand its export market and build a factory in the United States.
2. Vietnam’s first small electric vehicle
The debut of low-cost small electric vehicles under the Wuling Hongguang Mini EV brand manufactured by TMT Motors of Hung Yen Province in June 2023 was considered a milestone for Vietnam’s automobile market in 2023.
The arrival of the Hongguang Mini EV officially opens up a new automotive market segment in Vietnam, but this very strange segment is controversial over its feasibility and suitability for Vietnamese users.
TMT Motors said it wants to offer a low-cost green car alternative to motorcycles and prepare for the government’s roadmap to ban motorcycles in urban centers in Hanoi and Ho Chi Minh City, as well as the government’s plan to shut down internal combustion engine vehicles.
The Wuling Hongguang Mini EV was the best-selling light vehicle from 2020 to 2022, manufactured by the US-China joint venture SAIC GM Wuling (SGMW). But analysts said this did not mean the model would be successful in Vietnam.
3. Chinese cars flood into Vietnam
Following Wuling Hongguang Mini EV, a series of other Chinese brands such as Haval, Lynk & Co, and Haima entered the Vietnamese market, especially in the second half of 2023.
However, unlike Wuling Hongguang, which is assembled in Vietnam, other brands’ products are imported to Vietnam in the form of CBUs (finished product units).
4. Czech cars in Vietnam
In September 2023, Czech car brand Skoda officially entered the Vietnamese market through cooperation with TC Motor. Products will be imported from Europe, and an assembly factory will then be established in Quang Ninh.
To date, Skoda is the only brand of Eastern European origin present in Vietnam.
Other European manufacturers also entered Vietnam very quickly, such as Germany’s BMW (1992), Mercedes (1995), Volkswagen (2007), and France’s Peugeot (2013). Of these, Volkswagen does not yet have a factory in Vietnam.
5. The car’s license plate will be put up for auction
The first car license plate auction was held on September 15, 2023, and 11 license plates with lucky numbers were put up for sale. The auction came to fruition after 30 years of discussions.
Only at the end of 2022 did Parliament approve the auction plan, which will be piloted for three years and take effect from July 1, 2023. This marks an important milestone in the state’s fleet management.
To date, 232,183 car license plates have been auctioned, with hundreds of billions of VND invested in the national budget.
6. 50% reduction in car registration tax for domestically produced cars
After the spread of the coronavirus, the government applied a 50% reduction in vehicle registration taxes three times to stimulate demand and ease the hardships faced by manufacturers.
The period is 1st period = June 28, 2020 to December 31, 2020, 2nd period = December 1, 2021 to May 31, 2022, 3rd period = July 1, 2023 to December 31, 2023 Day.
Thanks to tax cuts, the car market recorded positive sales growth in the last five months of the year.
However, the total number of completed vehicles in Japan in 2023 was only 347,400, a 12.3% decrease from the previous year. What is noteworthy is that while imported cars decreased, domestically produced cars, which accounted for 74.7% of new car production in the same year, significantly increased.
7. Falling car prices
In 2023, manufacturers and dealers competed to lower sales prices in many market segments. The most significant price declines were reported for unsold cars in 2022. However, some models saw their prices reduced just a month or two after launch.
Car dealers offered attractive benefits to attract car buyers, such as gifts (spare parts), discounts, and assistance with vehicle registration.
The actual price that customers had to pay for the BMW 735i M Sport in October was VND450 million lower, but customers can now buy the Volkswagen Touareg Luxury in December with a price reduction of VND400 million. Became.
vietnam net