Globis GmbH, a German-based research and consulting company, has said that Vietnam is a young market with great potential for tourism as well as automobile manufacturing.

According to the company, Vietnam has become an ideal place for investors after entering the ASEAN Free Trade Area (AFTA). The country consequently offers them many opportunities for investment in different fields, especially in car manufacturing.

On the consumer side, Globis GmbH considered Vietnam’s car market as one of the emerging markets in the ASEAN bloc. Managing director Felix Huesell said Vietnam saw a boom in its car market in 2007 and the purchase rate for new cars in the country has annually increased by 35 percent since 2003.