HANOI, Feb. 26 (Xinhua) -- Vietnam's auto market is catching up in size with that of Thailand, with the gap narrowing by almost 80 percent in 2024, local newspaper VnExpress reported Wednesday.

VnExpress cited the figures that Thai auto sales exceeded Vietnam's by 370,000 units in 2023, but the figure shrank to just 78,000 in 2024.

Thai sales fell by 26 percent to 572,700 vehicles in 2024, but in Vietnam, there was a 22 percent jump to 494,300. It was the fastest-growing of the five biggest markets in the Association of Southeast Asian Nations (ASEAN).

The Vietnamese Ministry of Industry and Trade targets annual growth of 14-16 percent for the auto market from now through 2030, when more than one million units are expected to be sold. Enditem

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