HO CHI MINH CITY, Vietnam, June 14, 2024 /PRNewswire/ -- Vietnam has one of the most promising automotive markets in Southeast Asia. It is in a unique position to quickly build up the electric vehicles supply chain, and this has not been unnoticed by investors.
In recent years, car ownership has expanded rapidly; notwithstanding a temporary dip in sales, the long-term outlook appears strong thanks to the nation's growing economy, rapid urbanisation and burgeoning middle-class demographic. Adding to this landscape is the influence of electrification and digitalisation, which started to gain more attention locally with the arrival of VinFast to the scene.
However, new entrants are also shaping a competitive environment, amplifying the need of an electric vehicle ecosystem in order to achieve a 25.8 percent CAGR over a 2023 to 2032 forecast period.
Against this backdrop, the country holds potential for investment across production, assembly, after-sales services and everything in between, provided the government's continual support in view of environmental targets, and supply chain realignment across the region.
These opportunities are a key reason for those participating at next week's Automechanika Ho Chi Minh City. As Vietnam's largest regional trade fair for the automotive aftermarket, the exhibition will converge some 500 exhibitors (from 23 countries and regions) looking to meet local market needs, thus, a must-attend event for finding potential business partners and gathering market information.
It also offers a fully stacked fringe programme, with the Automotive Mobility Solutions Conference serving as a notable highlight. The two-day agenda (20 to 21 June 2024) will delve into Vietnam's efforts to drive sustainability within the automotive industry amidst the green energy transition, digitalisation, and automotive innovation.
One highlighted session will cater to prospective investors looking to gain deeper insights into the current regulatory landscape and emerging opportunities. Other topics will closely examine the influence of electrification and digitalisation across all aspects of society. Looking at the broader picture, a myriad of related investment opportunities are emerging – from the development of charging infrastructure, intelligent car parks, and road network upgrades, to fleet optimisation.
Automechanika Ho Chi Minh City is co-organised by Messe Frankfurt (HK) Ltd, Chan Chao International Co Ltd and Yorkers Exhibition Service Vietnam. The event will take place at the Saigon Exhibition and Convention Center from 20 to 22 June 2024.
