BMW AG names Vietnam top growth auto market

#hashtags: #BMW AG #Vietnam #Southeast Asia #Axel Pannes #BMW #Asia #Singapore #Indonesia #Philippines #Sri Lanka #Myanmar #Pannes

BMW AG stated that car sales in Vietnam are growing at a really fast pace in the Southeast Asia car markets with the local economy expanding alongside new car demands.

According to Axel Pannes, the managing director of BMW Group Asia who is in charge of 13 developing Asian markets (that include Singapore, Indonesia, Vietnam, the Philippines, Sri Lanka and Myanmar) the German carmaker unit sales in the country are to go up 30-40% by 2017. Over the past few years, Vietnam has been a top growth market in Southeast Asia with the carmaker selling 1,500 units there only last year. In an interview in Singapore, Pannes stated that “It’s always depending on the political situation that’s quite volatile in some of the markets, but at the moment I’m very positive about Vietnam.”

The carmaker’s optimistic look over the Vietnam market was also based on the local government that wants to produce an economic growth of 6.7% in 2016 with free-trade agreements helping achieve this target. Besides Vietnam, BMW is interested in the prospects offered by Myanmar and is also looking to conquer other markets such as Nepal. The German carmaker sold 100 units in Myanmar last year after only entering the market two years ago.

Pannes, who has been managing director of BMW Group Asia since 2014, stated that the German automaker would enter the Nepal market in two to three years if the country stabilizes after the earthquakes that took place in 2015. Pannes is also optimistic about the prospects of BMW expansion in Sri Lanka in the electric and hybrid area as the government there is supporting these type of models.