Vietnam car sales rise ten-fold in a decade

Vietnam’s auto sales have risen ten-fold over the past decade as the local market continues to expand, the Vietnam Automobile Manufacturers’ Association said.

The association now has 18 members, compared to 11 when it was established ten years ago, said Chairman Akito Tachibana. He said more auto manufacturers will join the industry group in the future.

VAMA, as the group is often known, has greatly contributed to shaping and developing the domestic car market, he said.

Le Duong Quang, Deputy Industry and Trade Minister, said the ministry is currently planning how to speed up the development of the auto industry.

He called for more investment and more efforts to increase the local content ratio to turn the industry into one of the key sectors of the economy.

VAMA said from January to September its members sold 78,179 vehicles, including cars, trucks and buses, down 3 percent from the same period last year.

The group opened the Vietnam Motorshow 2010, the country’s biggest automobile exhibition, in Hanoi on Friday. It features 80 of the latest models belonging to VAMA members.