Việt Nam auto market sees a rise in imported cars

Imported cars waiting for customs clearance at Hải Phòng Port. Photo of baotintuc.vn

HÀ NỘI — The General Department of Customs has reported a significant increase in the number of imported cars into Việt Nam.

In July alone, Việt Nam imported a total of 17,233 wholly built cars, with an import value nearing US$344 million. This marks an 8.5 per cent increase in the number of imported cars and a 10.6 per cent rise in import value compared to the previous month. This is the highest number of imported vehicles recorded so far this year.

Thailand remains the largest exporter of cars to Việt Nam, delivering 8,981 vehicles, which represents 52 per cent of the total imports for July. Indonesia follows with 5,243 vehicles, while China contributed 2,524 cars.

Since the beginning of 2024, Việt Nam has imported 91,637 completely built-up (CBU) cars, with a total import value of nearly $1.9 billion. Over the first seven months of the year, Indonesia has led the export market, supplying 38,040 cars to Việt Nam, valued at over $557 million. Thailand follows with 32,717 cars worth more than $628 million, while China ranks third with 17,235 cars, valued at over $521 million.

Historically, domestically assembled cars (CKD) had significantly higher sales compared to imported cars. However, the trend has shifted in the first half of 2024, with the ratio of CKD to CBU cars now approaching 50-50.

According to the Vietnam Automobile Manufacturers Association (VAMA), in the first half of 2024, sales of domestically assembled (CKD) cars totalled 67,849 units, while imported (CBU) cars reached 67,035 units.

When VinFast and Hyundai are included in the data, the number of CKD vehicles rises to approximately 110,000 units. This adjustment changes the ratio of assembled to imported vehicles to 60:40. Despite this shift, the gap between CKD and CBU vehicles is narrowing compared to previous years.

For context, during the same period in 2023, the CKD to CBU ratio was 65-35; in the first half of 2022, it was 66-34.