China Information

Thursday, December 28, 2006

Economic and Commercial Section, Ho Chi Minh City

According to the latest report from Vietnamese Investment News, the vehicle sales volume in Chinese market will reach 7m units in 2006 and will exceed Japan as the world second biggest vehicle market. As reported, Chinese economy had increased steadily in recent years with annual vehicle sales volume increasing by 1m units, equivalent to the entire purchasing power of South Korea market. It starts to influence the development strategy of foreign-invested automakers. As of the end of 2005, the total sales volume of new vehicle in Chinese auto market has reached 30m units, which demonstrates an optimistic prospect of new vehicle sales in Chinese market. Based on the investigation by Sinotrust, by 2010 the sales scale of second-handed vehicle and new vehicle in China will be equal. Sinotrust commented that the sales scale of new vehicle in Chinese market could compete with that in America and Europe, and that the types of new vehicles popular in Europe and America will become more and more welcomed by Chinese consumers.

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