German consulting company hails Vietnam’s car market

With a population of over 80 million people, Vietnam is an attractive market in the ASEAN region, said Globis GmnH, a German research and consulting company, in a report introducing the Vietnamese passenger car market.

Notwithstanding the low average income and the very high car prices, the passenger car market is booming since 2007, when new registrations doubled, the report said, adding that both locally assembled and imported cars are in high demand.

According to the report, with more liberal regulations, the car market in Vietnam might grow much faster than Globis’ estimate of 17%.

With further opening of the local market, which will happen in line with WTO and AFTA agreements, using Vietnam as a manufacturing base for exports will be more feasible, it said.

The report, contains 79 pages, was compiled in the period from March 2008 to July 2008.

Globis is a Berlin-based consulting company with broad international coverage regarding strategy development, especially entry strategies into new markets.

VNA

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