Vietnam’s Automobile Production Bases

The Vietnamese government released a draft on industry development strategy until 2045 regarding automobile production in October 2024. Vietnam aims to reach annual vehicle production of 1.53 million units by 2035 and increase the local procurement rate of components such as engines to over 85% by 2045. Furthermore, in July 2025, the government introduced incentives for automobile production. Automobile manufacturers, who establish a joint venture and invest more than 35% of the total capital, will be able to receive a tax refund based on the number of vehicles produced.