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Car imports sharply decreased in May. Photo: T.T.. |
The General Department of Customs’ latest report shows that in May, the total volume of completely built-up (CBU) car imports in Vietnam was 7,608 vehicles, with a total value of over $191 million.
In comparison to April, car imports in May had a 38.3% decline in volume and a 33.6% decline in value.
Of note is that Indonesia has overtaken Thailand to become the top car supplier to the Vietnamese market in May. Specifically, 2,966 cars from Indonesia completed customs procedures at Vietnamese ports last month, compared to only 2,873 cars of Thai origin.
However, Thai cars had an average value of approximately $24,202 per vehicle in May, equivalent to over 568 million VND per vehicle. In comparison, cars imported from Indonesia had an average value of only $12,176 per vehicle, equivalent to an average import value of 286 million VND per vehicle.
| Indonesia becomes largest car supplier to Vietnamese market | ||||||||
| Total car imports into Vietnam in May, by country (Data: General Department of Customs) | ||||||||
| Label | Indonesia | Thailand | China | Japan | USA | Germany | Other countries | |
| vehicles | 2966 | 2873 | 933 | 309 | 164 | 117 | 246 |
China ranks third in the list of countries exporting the most cars to Vietnam, with 933 vehicles in May. Japan closely follows with a total of 309 cars completing customs procedures for entry into Vietnam last month.
Although only 117 imported cars were recorded in May, the total value of cars originating from Germany amounted to over $9.5 million. This makes the average value of cars imported from Germany around $81,550 per vehicle, equivalent to over 1.9 billion VND.
As of the beginning of the year, the total volume of CBU cars imported into Vietnam has reached 61,954 vehicles, with a total value of over $1.4 billion. Thanks to the relatively active import activities in the first quarter, Vietnam’s completely built-up car import sector has still recorded a growth rate of 22% in terms of volume and 10.2% in terms of value compared to the first five months of 2022.
In April, car sales in the Vietnamese market declined after a late first quarter recovery. At the end of the first four months, the Vietnam Automobile Manufacturers’ Association (VAMA) reported that total vehicle sales in Vietnam reached 92,801 vehicles, a 30% decrease compared to the same period last year.
The consumption of imported cars in the first four months saw 42,784 vehicles, a 16% decrease compared to the same period in 2022. Meanwhile, sales of locally assembled cars also dropped by 39% compared to last year, reaching 50,017 vehicles.
By the end of May, Vietnam had completed the import of automotive components and spare parts with a total value of over $1.65 billion, a 28.7% decrease compared to the same period last year.
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