Vietnam’s motorcycle, car joint venture sector to grow 4.8 pct by 2028

HANOI, Aug. 26 (Xinhua) — The earnings from the Vietnam’s motorcycle and car joint venture sector will witness compound annual growth rates of 1.6 percent and 4.8 percent respectively in 2024-2028, Vietnam News reported Monday, citing SSI Research.
According to SSI Research, while the third-quarter revenues of the car industry may have suffered as customers put off buying decisions, in anticipation of possible incentives, pent-up demand is poised to fuel revenue growth in the last quarter.
The accumulated demand is forecast to be the catalyst for revenue growth in the fourth quarter.
Given the uptick in both vehicle sales and profits from affiliated companies surpassing expectations in the second quarter of 2024, the analytical team of SSI Research forecasts that the domestic car and motorcycle sales of the Vietnam Automobile Manufacturers Association in 2024 will rise by 9 percent and 2 percent, respectively, from last year.
Automobile sales in Vietnam in July increased 9 percent from the previous month to 28,920 units, said the association. ■