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Thursday, July 18, 2024

Vietnam sees auto imports rebound

By Hung Le

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HCMC – Vietnam imported 15,360 completely built-up (CBU) cars worth some US$350 million in October, surging by over 77% in both volume and value over the previous month, according to the latest statistics from the General Department of Vietnam Customs.

The October auto import was equivalent to the figures seen in March, April and May at over 15,000 units each month, while Vietnam bought just 8,700 cars in September when the country was hit hard by the Covid pandemic.

Despite the impact of the pandemic, Vietnam’s CBU imports soared in the past 10 months. Between January and October, the country spent US$2.9 billion importing some 130,000 units, up 61.6% in volume and 63.9% in value year-on-year.

Vietnam’s three leading car suppliers were still Thailand, Indonesia and China. Thailand shipped some 65,600 cars to Vietnam during the 10-month period, jumping by 68% year-on-year, while over 37,900 cars and 16,300 autos were imported from Indonesia and China, up 31% and 222%, respectively, over the same period last year.

Data from the Vietnam Automobile Manufacturers Association (VAMA) indicated that the hike in the consumption of imported CBU cars was much higher than that of locally produced and assembled autos. In September, the number of locally-assembled autos sold was over 7,310, rising by 37% month-on-month, while the number of imported CBU cars sold was over 6,220, surging by 76%.

In the January-September period, sales of locally-assembled cars inched down 6% year-on-year, while the consumption of imported vehicles rose by 26%.

The Ministry of Finance is garnering feedback on a draft decree to halve the registration fee for locally assembled or manufactured cars within six months. If approved by the Government, the 50% cut in the registration fee for these cars will boost local auto assemblers.

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