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Friday, June 14, 2024

Vietnam’s auto imports plummet in 2023

The Saigon Times

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HCMC – Vietnam saw a 32% year-on-year decline in imports of completely built-up (CBU) automobiles last year, with a total of 117,800 units.

The total value of CBU imports edged down by 27% compared to the previous year to over US$2.8 billion, according to the General Statistics Office (GSO).

The number of locally produced and assembled cars also decreased by 27% year-on-year to 347,700 units. The number of domestically produced automobiles in the market remained three times higher than imported vehicles.

The downward trend was attributed to various challenges faced by the auto industry, including macroeconomic headwinds, industry-specific hurdles, and heightened competition in the market.

On average, the Vietnamese market saw some 950 locally manufactured automobiles being added daily in 2023, along with about 320 imported CBU cars, according to GSO data.

In the second half of 2023, the auto market showed some positive signs, partially due to a 50% reduction in car registration fees for domestically assembled cars, as provided in the Government’s Decree 41 issued on June 28, 2023.

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