You don't need to do much more than take a look outside to realize that Vietnam's car industry is booming. On average, Saigon registers 139 new four-wheeled vehicles everyday and automobile sales have consistently risen over the past two years.
Now, with scores of car owners in Vietnam, the battle is on to become the country's top automobile vendor. According to industry data released on Saturday, Korean car brands are now in the lead, reports Yonhap.
South Korean car producers Hyundai and Kia, both a part of the giant Hyundai Motor Group, were 2015's top automobile vendors in Vietnam, ousting former title holder Toyota from its first-place spot.
The car producers sold a combined total of 62,189 vehicles last year for a market share of 29.8% compared to Toyota's 50,285 units, or 24.1% of the market share.
Kia had an especially good year in one of Southeast Asia's fastest-growing auto markets, reporting a 71.7% increase in sales compared to the previous year.
Overall, Vietnamese car sales grew by 55.3% last year, up from the 43.4% growth in 2014. While auto sales are expected to remain strong in 2016, reports Thanh Nien, industry experts don't expect the market to exceed last year's growth, as a new luxury tax has boosted the consumer cost of four-wheeled vehicles. Instead, car vendors are anticipating a big boom in 2018, when ASEAN-made vehicles will be imported tax-free.
[Photo via AutoDaily]
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