Kuala Lumpur: Vietnam's auto market is rapidly closing the gap with Thailand's, with a significant narrowing of almost 80 percent in 2024, local newspaper VnExpress reported Wednesday.

According to Namibia Press Agency, Thai auto sales exceeded Vietnam's by 370,000 units in 2023, but this difference reduced significantly to just 78,000 units in 2024. The report highlighted that while Thai sales experienced a 26 percent decline to 572,700 vehicles in 2024, Vietnam witnessed a 22 percent increase, reaching 494,300 vehicles. This growth positioned Vietnam as the fastest-growing market among the five largest markets in the Association of Southeast Asian Nations (ASEAN).

The Vietnamese Ministry of Industry and Trade has set an ambitious target for the country's auto market, aiming for an annual growth rate of 14-16 percent through 2030. By then, it is expected that more than one million units will be sold annually, reflecting the evolving dynamics of the Southeast Asian automotive landscape.