In November, the General Statistics Office released a recent report highlighting an 18.6% increase in the production and assembly of domestically produced cars, reaching 36,900 units. This figure is compared to October’s production of 31,100 units and represents a 5.4% increase compared to the same period in 2022.
However, over the 11-month cumulative period, the total production of domestic automobile production and assembly only reached 308,600 units, marking a 15% decrease compared to the same period last year.
Following 10 months of rapid growth, the number of imported cars experienced a decline in November. Approximately 8,000 cars were directly imported to Vietnam, reflecting a 16.8% decrease compared to the previous month. In comparison to November 2022, the number of imported cars to Vietnam decreased by 64.8%.
During the 11-month cumulative period, approximately 111,778 completely built-up imported cars were brought into Vietnam, with a total import value of 2,659 billion USD (64.5 trillion VND). This marks a 26.2% decrease in quantity and a 28.9% decrease in value compared to the same period in 2022. The majority of imported cars to the country are predominantly from three countries: Thailand, Indonesia, and China.
In November, domestically assembled cars accounted for approximately 82.2% of the market, while imported cars only accounted for 17.8%. Over the 11-month period, domestically produced cars represented 73.4% of the market, while imported cars accounted for 26.6% of the market share.
According to the latest data from the Vietnam Automobile Manufacturers Association (VAMA), the October 2023 sales figures for the automobile market reached 25,369 units. Domestically assembled cars accounted for 16,414 units, while completely imported cars accounted for 8,955 units.
The significant growth in the production of domestic cars can be attributed to the improved supply of components. Additionally, the government’s policy of providing 50% registration fee support has stimulated consumption and enhanced the purchasing power of the people.
Despite the relatively small volume of imported cars, their market share remains steady due to high inventory levels. Dealers have actively promoted efforts to reduce inventory, which has somewhat impacted the demand for new cars.
TH (Tuoitrethudo)
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