The Rise of Imported Cars in Vietnam

According to a report by the General Department of Vietnam Customs, a total of 9,227 automobiles of various types were imported into Vietnam in the first half of October, with a trade value of over $190 million.

Previously, the number of imported automobiles into Vietnam peaked in the latter half of September with 10,138 units, reaching a trade value of nearly $207 million.

Thus, in the month leading up to VMS 2024, nearly 19,400 completely built-up (CBU) automobiles of various types were imported into Vietnam.

These two reporting periods also witnessed the highest import volumes of automobiles in 2024 so far.

The General Department of Vietnam Customs’ report for the first nine months showed that 124,983 CBU automobiles of various types had completed customs procedures to enter Vietnam. Compared to the first three quarters of 2023, automobile imports increased by 32.7% in volume and 16% in trade value.

The high volume of imported automobiles is believed to be influenced by the preference Vietnamese customers have shown for these vehicles. A report by the Vietnam Automobile Manufacturers’ Association (VAMA) showed that after nine months, 111,942 imported automobiles were purchased by Vietnamese customers, representing a sales growth of 29%.

One of the best-selling models is the Mitsubishi Xpander, with 12,956 units sold in Vietnam. The imported versions account for 11,779 units, or nearly 91%.

Additionally, the wave of Chinese automobiles is also believed to have played a significant role in increasing the number of imported vehicles. Many car brands have chosen to import vehicles from China during their initial launch phase in Vietnam, such as Lynk & Co, BYD, GAC, and Aion.

At VMS 2024, which was recently held in Ho Chi Minh City, three participating Chinese car brands, GAC, MG, and BYD, also received considerable attention from customers. While MG has had a long presence in Vietnam, GAC and BYD are new entrants this year.

The exhibition booths of MG, GAC, and BYD at VMS 2024 attracted significant interest.

According to the General Department of Vietnam Customs’ report for the first nine months, the number of automobiles imported from China reached 21,948 units, a significant increase compared to the 7,712 units recorded in the same period last year.

While the exact contribution is unclear, it is likely that the wave of Chinese automobiles played a significant role in improving the growth rate of imported vehicles into Vietnam compared to the previous year.

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