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Vietnam Autos Report Q4 2008 (Business Monitor International) Market: Automotive and Parts Published Date: 10/11/2008 Market Research Report Title: Vietnam Autos Report Q4 2008 Table of Contents: View Table of Contents Report Type: Market Report Country: Vietnam Number of Pages: 42 
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Summary: As quickly as tariffs on imported completely built vehicles and parts came down in 2007, they have been put back up again in 2008, although according to BMI’s recently published Vietnam Automotives Report, the effects are only just becoming evident. Sales by the 16 carmakers producing locally were up by 104% to 84,876 units. However, sales for August were down by 7.6% from July, showing that the hike in taxes – particularly on imports – could be starting to take its toll on sales. The pattern for the year so far is in line with BMI′s forecast for slower growth in 2008, following growth of 95% for sales of domestically produced vehicles in 2007.
Nevertheless, local production has received a boost from Honda, which has added a further 500,000 units to its motorcycle production capacity in Vietnam, with the opening of a second plant in the country. Some US$65mn has been invested in the new facility, which will take Honda′s two-wheeled annual production capacity to 1.5mn units. Honda Vietnam director Koji Onishi stated that the plant represents Honda′s desire to expand in Vietnam, which follows sales of 800,000 units in the first eight months of the year.
Vietnam′s Institute for Industry Policy and Strategy expects two-wheeler sales to rise by around 30% by 2020, with demand set to grow in rural areas in line with improvements in traffic systems and living standards. As a result, the market has become hotly contested with major manufacturers such as Honda, Yamaha and Italy′s Piaggio focussing on local production.
Indeed, Vietnam is an example of a market on the rise in the region, according to BMI’s Business Environment Ratings for the automotive industry in the Asia Pacific region. A newly liberated autos market has witnessed stellar growth and according to the above-average rating for its potential over the next five years, sales growth should be maintained. The high score for Vietnam’s competitive landscape reflects its new liberation, while the regulatory environment also scores highly, thanks to new environmentally focused laws to remove old trucks from the roads. Vietnam is a country we would expect to see climb the ratings in future from its current place in 10th on 48.0 from a possible 100.
The number of international brands in the Vietnamese market is testament to its potential. Sales for the year to August show only three companies failing to register positive growth. The best performance came from truck producer Hino with sales of 1,977 units, up 191% year-on-year (y-o-y). However, Toyota is still the clear leader of the market with sales of 17,430 units, up 49% y-o-y, while Vinamotor took second on 16,951 units. The largest decline in sales came from VMC, representing BMW, Mazda and Kia, with a 41% drop.
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