Automotive possession tripled in 13 years to 63 automobiles per 1,000 folks final yr, in keeping with the Ministry of Business and Commerce.
The variety of registered vehicles reached 6.31 million by the tip of final yr, it mentioned in a current report.
Final yr 408,500 new automobiles have been registered.
The ministry expects annual gross sales to high a million by 2030 and 5 million by 2045.
In 2022 file gross sales of 500,000 items propelled Vietnam into the checklist of the 4 largest auto markets in Southeast Asia together with Thailand, Indonesia and Malaysia.
The ministry desires not less than 80% of autos to be inexperienced by 2045 and the identical ratio for home manufacturing.
Now round 40% are imported as completely-built items, in keeping with the Vietnam Vehicle Producers Affiliation.
The ministry desires supporting industries to fabricate key auto elements resembling transmissions, gearboxes, engines, and our bodies.
For now native companies are labor intensive and solely able to producing easy components, it admitted.
Thailand has 710 tier-one and 1,700 tier-two suppliers, whereas the comparable numbers for Vietnam are solely 33 and 200.
“To make good vehicles, we want high quality supplies for manufacturing in addition to robust capabilities in robotics and high quality management,” the ministry added.
