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Friday, July 19, 2024

Auto imports plummet in May

The Saigon Times

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HCMC – May saw Vietnam’s completely-built-up (CBU) automobile imports dipping a staggering 33.6% to US$191 million compared to April.

General Department of Vietnam Customs data showed that the country imported 7,600 CBU units last month, down 38.3% against the previous month.

Indonesia emerged as the largest car exporter to Vietnam, supplying 2,966 vehicles, followed closely by Thailand with 2,873 units.

However, the average price of cars imported from Thailand was significantly higher at US$24,202 per unit compared to cars imported from Indonesia, which cost US$12,176 per unit.

China and Japan secured the third and fourth spots among Vietnam’s major auto markets, contributing 933 and 309 units, respectively.

From January to May, Vietnam imported a total of 61,950 CBU autos, amounting to US$1.4 billion. This reflects a 10.2% increase in value compared to the same period last year and a 22% year-on-year rise in volume over the first five months of 2022.

However, the domestic auto market remained volatile, with April sales dropping 30% year-on-year to 92,801 units. This followed a partial recovery in the January-March period, according to the Vietnam Automobile Manufacturers’ Association.

In the first four months of the year, 42,784 imported autos were sold, a 16% decline compared to the same period in 2022.

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