"The earnings from the Vietnam's motorcycle and car joint venture sector will witness compound annual growth rates of 1.6% and 4.8% respectively in 2024-2028," local media sources reported.

According to local media sources, 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 of 2024.

Given the uptick in both vehicle sales and profits from affiliated companies surpassing expectations in the second quarter of 2024, a research firm forecasts that the domestic car and motorcycle sales of the Vietnam Automobile Manufacturers Association in 2024 will rise by 9% and 2%, respectively, from 2023.

Automobile sales in Vietnam in July, 2024 increased 9% from the June, 2024.