2016 Vietnam auto market: Deluge of new models

16:23 | 01/12/2016 Car & Motor

(VEN) - While the year’s biggest shopping season is nearing and the two largest motor shows in 2016 will take place very soon - later October, the domestic automobile market has welcomed so many new models, both domestically assembled and imported, and is expected to continue booming this year.

The automotive market is expected to continue booming in 2016

Sales expected to break a record

According to the Vietnam Automobile Manufacturers’ Association (VAMA), automobile sales hit 23,540 vehicles in August, 4,500 vehicles less than July but 29 percent higher than the same time in 2015; in the first eight months of this year, automobile sales amounted to almost 188,000 vehicles, up 32 percent from the same period last year. Of this, sales of tourist vehicles increased 30 percent, those of commercial vehicles soared 33 percent, and sales of automobiles for special use were up 46 percent.

Automobiles of around 30 brands, with prices ranging from several hundred million to tens of billions of dong, are available in Vietnam. With a record of 245,000 vehicles sold in 2015, up 55 percent compared to 2014, Vietnam’s automobile market is expected to maintain a steady rise in 2016.

VAMA Chairman and Toyota Vietnam General Director Yoshihisa Maruta gave modest forecast of 10 percent growth for auto sales this year, reaching 260,000 vehicles. But, with the current rise and the coming shopping season, the Vietnamese automobile market is expected to boom again this year with sales likely reaching 282,000 vehicles, far exceeding the forecast.

Many new models coming into sight

The expectation is feasible, as since early September, carmakers have made many more new automobile models come into sight in Vietnam. Toyota Vietnam introduced its Vios 2016 and Yaris 2016 in two consecutive days in mid-September. Shortly after that, Lexus Vietnam brought in Lexus GS Tubor 2016 (imported in the whole form from Japan), while Nissan Vietnam launched the Nissan X-Trail.

The Vietnam International Motor Show 2016 will take place in October in Hanoi and Ho Chi Minh City, introducing more than 100 new models of 12 brands, including sport utility vehicle (SUV) Chevrolet Trax with 1.4L Turbo engine, high-end SUV Ford Explorer 2017, special versions of Civic, City Modulo, CR-V models and high-end imported models - Accord 2016 and Odyssey (Honda), Isuzu’s SUV Mu-X, Kia Optima, and Mitsubishi Motors Vietnam’s SUV Pajero Sport, among others.

The show will also introduce more than 150 imported models of 18 automakers, including Volkswagen Sharan 2016 and Volkswagen Beetle 2016. Audi Vietnam said that it would introduce 12 models in the show, notable one of which is the Audi R8 Coupe V10 featuring the perfect Audi Quattro technology.

Vietnam ranked second in Southeast Asia in terms of automobile sales growth, after Singapore. The domestic automotive market in 2016 is forecast to increase 30 percent over 2015.

Linh Nguyen