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Saturday, June 15, 2024

Vietnam’s auto imports hit all-time high

The Saigon Times

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HCMC – Vietnam imported over 173,460 completely-built-up (CBU) cars worth US$3.84 billion last year, the highest annual figures ever, despite global supply chain disruptions and shortages of auto parts, especially chips.

The country’s 2022 auto imports rose by 8.5% in volume and 5.1% in value against 2021, according to data from the General Department of Customs Vietnam.

In December last year, nearly 21,900 autos worth US$431.5 million were shipped to Vietnam, while November saw the country import some 23,000 CBU cars, soaring by 59% month-on-month, making it the first among 12 months in 2022, recording the highest volume of auto imports.

In 2022, Indonesia was Vietnam’s biggest auto exporter, with 72,670 units worth US$1.05 billion, followed by Thailand and China. The three markets’ auto shipments accounted for 93.4% of the nation’s total auto imports last year.

The increase in auto imports not only met the strong domestic demand but also contributed to the local auto market’s recovery, the local media reported.

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