A recent report by the General Statistics Office shows that in November, the production and assembly of domestically produced cars reached 36,900 units, an increase of 18.6% compared to October (31,100 units) and a 5.4% increase compared to the same period in 2022.
However, in the cumulative 11 months, the total production of domestic automobile production and assembly only reached 308,600 units, a decrease of 15% compared to the same period last year.
After 10 months of rapid growth, the number of imported cars in November tends to decline. In November 2023, only about 8,000 cars were imported directly to Vietnam, a decrease of 16.8% compared to the previous month. Compared to the same period in 2022, the number of imported cars to Vietnam in November decreased by 64.8%.
In the cumulative 11 months, about 111,778 completely built-up imported cars were imported to Vietnam with a total import value reaching 2,659 billion USD (64.5 trillion VND), down 26.2% in quantity and 28.9% in value compared to the same period in 2022. The number of imported cars to the country still mainly comes from three countries: Thailand, Indonesia, and China.
It can be seen that in November, the number of domestically assembled cars accounted for about 82.2%, while imported cars accounted for only 17.8%. Accumulated for 11 months, the number of domestically produced cars accounted for 73.4%, while the number of imported cars accounted for only 26.6% of the market entry volume.
According to the latest figures from the Vietnam Automobile Manufacturers Association (VAMA), the total sales of the automobile market in October 2023 reached 25,369 units. Of which, domestically assembled cars accounted for 16,414 units and completely imported cars accounted for 8,955 units.
The strong growth in the number of domestically produced cars is due to the improvement of the supply of components. On the other hand, the government’s policy of supporting 50% of the registration fee has also helped stimulate consumption, improve the purchasing power of the people.
Although the volume of imported cars is not large, their market share is still maintained due to the high inventory of cars. Dealers are aggressively promoting to reduce inventory, which somewhat affects the demand for new cars.
TH (Tuoitrethudo)
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