Vietnam Autos Report Q2 2014

Vietnam Autos Report Q2 2014

Published: February 2014
Publisher: Business Monitor International (BMI)
Product ref: 194785
Pages: 64
Format: PDF
Delivery: Immediate download

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According to the Vietnam Automobile Manufacturers Association (VAMA), vehicle sales of its members grew 20.0% in 2013, to 96,688 units. The strong showing in 2013 was largely attributed to the rebound in the automotive sector, which was ravaged by the recession that hit the country in 2012.

We remain bullish on the Vietnamese auto market, however, and forecast vehicle sales to grow 10.0% in 2014. While this is below 2013's growth rate, it is because vehicle sales have normalised and the higher base effects of 2013 will make it harder for them to continue growing at such a rapid clip.

Our bullish outlook on the sector chimes with our Country Risk team's optimistic view on Vietnam's economy. As the government takes steps to privatise the country's state-owned enterprises (SOEs), we see it as a harbinger for more free market reforms in the coming years, which will undoubtedly provide a boost to economic growth (see 'Privatisation Of SOEs Highly Positive For The Economy', January 8). BMI forecasts Vietnam's GDP to grow 5.9% in 2014 and 6.4% in 2015.

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