According to the automobile industry assessment report published by VIS Rating on June 18, automobile sales in the first quarter of 2025 reached 105,000 vehicles, an increase of 60% over the same period last year. In particular, VinFast Automobile Company Limited led the growth momentum with a breakthrough of 295% thanks to the new electric vehicle line and the registration fee exemption policy extended until 2027 according to Decree 51/2025/ND-CP.
Notably, domestically assembled car production increased by 35%, while imports increased by 44%. The recovery of consumer sentiment, more competitive prices, and developed transport infrastructure are helping to revive car buying demand.
In the first quarter, a series of preferential policies were issued. Among them, Decree 21/2025/ND-CP extended the 0% import tax on auto parts for domestic production. Decree 51/2025/ND-CP exempted registration fees for all electric vehicles until the end of 2027. Decree 73/2025/ND-CP reduced taxes by 10-15% on cars imported from countries without free trade agreements, including the US.
These policies not only help reduce car prices and increase purchasing power, but also facilitate businesses to expand production and diversify product portfolios.
According to VIS Rating, large-scale enterprises such as VinFast, Truong Hai Group ( Thaco ), Geleximco Group - Joint Stock Company, Tasco Joint Stock Company (HUT), Saigon General Services Joint Stock Company (SVC) and Vietnam Engine and Agricultural Machinery Corporation (CTF) are effectively taking advantage of market opportunities. They own a nationwide distribution network and a diverse brand portfolio, helping to improve sales and inventory turnover ratio. This ratio averaged 9.48 times in the first quarter of this year, significantly higher than that of small and medium-sized enterprises such as TMT Automobile Joint Stock Company and Truong Long Engineering and Automobile Joint Stock Company (HTL).
In 2025, a series of large-scale factory projects will come into operation, including: VinFast in Ha Tinh (300,000 vehicles/year, starting construction in July 2025), Thanh Cong Motor in Quang Ninh (120,000 vehicles/year), Tasco in Thai Binh (75,000 vehicles/year), Geleximco - Skoda in Thai Binh (50,000 vehicles/year, October 2027).
Regarding access to capital and financial health, VIS Rating experts assessed that the ability to access capital of automobile enterprises has improved significantly. Outstanding loans of listed enterprises increased by 30% in the first quarter of 2025, while bond issuance activities were bustling. Notably, VinFast plans to issue an additional VND5,000 billion in bonds in the second half of the year, guaranteed by Vingroup.
Revenue of listed auto companies increased by 29%, earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 23% over the same period. Cash flow from operating activities increased by 216%. Debt leverage ratio (debt/EBITDA) decreased from 6.2 times to 6.05 times compared to the first quarter of 2024, reflecting a clear improvement in debt repayment ability.
With the first quarter growth reaching 16% of the annual revenue target (expected to increase by 23%), businesses in the industry are expected to maintain strong growth momentum in the following quarters. According to VIS Rating, the market will continue to be led by businesses with strong financial capacity, flexible supply chains and continued support policies.
Source: https://doanhnghiepvn.vn/kinh-te/luc-day-chinh-sach-keo-doanh-so-o-to-tang-vot/20250618060202415
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