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An estimate of the quantity of imported cars in May will be lower than the previous reporting period. Photo: T.T. |
According to the latest report from the General Statistics Office, it is estimated that a total of about 37,000 new cars have been added to the Vietnamese market in May. Compared to the figures recorded in the previous reporting period, the supply of cars for the Vietnamese market has decreased by 4.5%.
Of this total, an estimated 10,000 imported cars arrived in Vietnam as completely built units in May, with a value of $270 million. This is estimated to be the lowest import volume of the completely built car group since the beginning of the year.
Prior to that, a report from the General Department of Customs showed that the total number of completely built cars completing import procedures into Vietnam in April reached 12,323 units with a value of $288 million.
Thus, according to the estimation of the General Statistics Office, the import of cars in May decreased by 18.9% in quantity and 6.3% in value compared to the previous reporting period.
If compared to the same period last year, imported cars in the second quarter witnessed a decline of 27.5% in quantity and 25.9% in value.
| Declining car supply in May | ||||||
| Quantity of domestic cars and import cars into Vietnam in the first 5 months of the year (Data: General Statistics Office, General Department of Customs) | ||||||
| Label | Month 1 | Month 2 | Month 3 | Month 4 | Month 5 (Estimation) | |
| Total quantity of domestically produced and imported cars | Cars | 39,757 | 35,758 | 46,628 | 38,723 | 37,000 |
Estimates show that in the first 5 months of the year, the total number of cars registered for import declaration at Vietnamese ports is 64,344 units with a total value of nearly $1.5 billion. Thanks to the relatively strong import activities in the early months of the year, it is estimated that the cumulative import volume of cars by the end of May still increased by 26.7% in quantity and 16.4% in value compared to the same period last year.
In the assembly car group, the estimated production volume in May by the General Statistics Office is 27,000 units, a slight increase of about 2.2% compared to April but only equivalent to 67.4% compared to the same period last year.
After the first 5 months of the year, the total domestic car production of Vietnam is estimated to reach 133,600 units, a decrease of 24% compared to the same period of 2022.
It is highly likely that the import of cars as well as the number of domestically assembled cars may slow down due to the declining sales of the Vietnamese car market in the early second quarter.
According to that, the Vietnamese car market, which showed signs of recovery in the second half of the first quarter, quickly turned sharply downward in April.
According to a report from the Vietnam Automobile Manufacturers’ Association (VAMA), the total sales of the Vietnamese car market in April were 22,409 units, a decrease of 25% compared to March and 47% lower than the same period last year.
Since the beginning of the year, the domestic assembly car sales reached 50,017 units, a decrease of 39% compared to the same period of 2022. Although imported cars decreased by 16% in sales volume, they still reached 42,784 units in sales since the beginning of the year.
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