(MENAFNEditorial)
According to the Vietnam Automobile Manufacturers Association (VAMA) auto sales surged towards the end of 2014 and increased by an eye-watering 41.1% year-on-year (y-o-y) in December 2014 to 16413 units. This brought total sales for the year to 133516 units an increase of 38.0%. We forecast sales to continue their positive momentum in 2015 and expect sales of VAMA members (excluding sales of Mercedes-Benz which reports combined sales of passenger cars and commercial vehicles) to grow 17.8% in 2015.
Sales experienced a strong surge after July 2014 and continued expanding at double-digit growth rates for the remaining months of the year. In 2015 we expect the buoyant auto market to continue exhibiting strong growth. Our Country Risk team forecasts the economy to expand by 6.4% in 2015 after growing by 6.0% in 2014 with accelerating state owned enterprise reform and continued monetary easing by the State Bank of Vietnam providing strong pillars for sustained economic expansion ( see 'Continued Monetary Easing Remains On The Cards' October 29 2014).
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Production
According to trade association Gaikindo domestic vehicle production has been on a similar uptrend as domestic sales over the past two years. Output for the first 10 months of 2014 rose 32.3% y-o-y and we expect auto production to remain on an uptrend throughout 2015 as local carmakers expand output to meet higher demand.
Further highlighting the country's growing attractiveness as a manufacturing base for both automakers and suppliers is the recent decision by Gentherm a manufacturer of auto thermal management technologies to open a new manufacturing facility in the country by Q415. The company has said that this facility will help it leverage Vietnam's competitive labour force and workplace environment and will support its ambitious growth plans in Asia.
Imports Still Crucial
Despite the rise in auto production the market will still be heavily reliant on imports for now due to the lack of...
The Vietnam Autos Report features the latest data and forecasts covering production sales imports and exports.
Business Monitor International (BMI)'s Vietnam Autos Report provides industry professionals and strategists corporate analysts auto associations government departments and regulatory bodies with independent forecasts and competitive intelligence on the automotives market in Vietnam.
Key Benefits
* Benchmark BMI's independent automotives industry forecasts on Vietnam to test other views - a key input for successful budgetary and planning in the Vietnamese automotives market.
* Target business opportunities and risks in the Vietnamese automotives sector through our reviews of latest industry trends regulatory changes and major deals projects and investments in Vietnam.
* Assess the activities and market position of your competitors partners and clients via our Competitive Landscape Analysis.
Coverage
BMI Industry View
Summary of BMI’s key industry forecasts and views covering production sales and the introduction of new technology or products.
Industry SWOT Analysis
Analysis of the major Strengths Weaknesses Opportunities and Threats within the autos sector and within the broader political economic and business environment.
BMI Industry Forecasts
Historic data series and forecasts to end- 2019 for all key industry indicators (see list below) supported by explicit assumptions plus analysis of key downside risks to the main forecast including:Sales and production of motorcycles in units; total production of units; production by vehicle type (including cars commercial vehicles trucks and buses); total vehicle fleet size in units; sales by vehicle type including passenger cars and commercial vehicles; fleet size by vehicle type including passenger car commercial vehicles and motorcycles; total vehicle trade balance in units; vehicle trade balance by vehicle type including passenger car commercial vehicle and motorcycle; car ownership measured as car density per 1000 people.
BMI’s Autos Risk Reward Index
BMI’s Risk Reward Index provides investors (manufacturers suppliers and dealers) looking for opportunities in the region with a clear country-comparative assessment of a market’s risks and potential rewards. Each of the country markets are scored using a sophisticated model that includes more than 40 industry economic and demographic data points. These provide indices of highest to lowest appeal to investors with each indices explained.
BMI Economic Forecasts
BMI forecasts to end-2019 for all headline macroeconomic indicators including real GDP growth inflation fiscal balance trade balance current account and external debt.
Company Profiles*
Examines the competitive positioning and short- to medium-term business strategies of key industry players. Strategy is examined within the context of BMI’s industry forecasts our macroeconomic views and our understanding of the wider competitive landscape. The latest financial and operating statistics and key company developments are also incorporated within the company profiles enabling a full evaluation of recent company performance and future growth prospects.
Global Regional and Country Industry Overviews
In-depth analysis of the major global and regional developments in the market which can be linked with the country industry overview providing cross-country investment product and financing trends that will affect each market supported by BMI’s global and regional industry forecasts.
Sources
The Autos reports draw on an extensive network of primary sources such as manufacturing associations statistical bureaus government transport ministries national chambers of commerce and industry national statistical offices government ministries and central banks and multinational companies.
*Company profiles are not available for every country. Those reports instead contain information on the current activities of prominent companies operating in the market.
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