Spending Spree: Vietnam’s Auto Import Bill Hits $12 Million a Day Since January

The latest report from the General Department of Vietnam Customs revealed that in April, Vietnam spent nearly 423 million USD on importing 18,714 completely built-up (CBU) automobiles. Compared to the previous month’s report, Vietnam’s imported automobile output decreased by 13.5%, while the total import turnover was also 5% lower.

Spending nearly 12 million USD per day on automobile imports

In the first four months, Vietnam imported a total of 64,995 automobiles of all kinds. The total import turnover of this group of goods since the beginning of the year has exceeded 1.4 billion USD, equivalent to Vietnam spending nearly 12 million USD per day on automobile imports.

Compared to the same period last year, the import volume of automobiles in Vietnam increased by 48.5%. The import turnover of CBU automobiles also increased by 50.7% over the same period.

At the end of the first four months, Thailand surprisingly overtook Indonesia to reclaim the top spot as the leading exporter of automobiles to Vietnam.

According to the report from the General Department of Vietnam Customs, during the first four months, the volume of automobiles imported from Thailand reached 24,052 units. In the same period, the number of automobiles exported from Indonesia to Vietnam was recorded at 23,915 units.

China ranked third in terms of automobile imports into Vietnam in the first four months, with 14,070 units. During the same period, Japan exported 1,144 units to the Vietnamese market, while the figure for the US was 153 units.

Are imported cars outselling domestically assembled ones?

According to the report from the Vietnam Automobile Manufacturers’ Association (VAMA), imported automobiles in Vietnam are currently more popular than assembled ones.

Specifically, the VAMA report showed that Vietnamese customers purchased a total of 72,249 automobiles of all kinds since the beginning of the year. This number includes 35,074 assembled units and 37,175 imported ones.

The list of the top 10 best-selling internal combustion engine automobiles in Vietnam in the first quarter also includes several models that are fully imported.

Thailand unexpectedly regains the top spot as the leading exporter of automobiles to Vietnam. Illustration: Ford.

For instance, the Ford Everest, with 2,134 units sold since the beginning of the year, continues to lead the midsize SUV segment and ranks fifth in the aforementioned best-selling list. All versions of the Ford Everest are imported from Thailand.

Two imported B-segment SUVs from Indonesia, the Toyota Yaris Cross (2,117 units) and the Mitsubishi Xforce (1,933 units), also made it to the top 10 best-selling internal combustion engine automobiles in Vietnam.

Currently, domestically assembled cars still hold their ground in Vietnam and are not completely overshadowed by imported automobiles.

The top 10 best-selling internal combustion engine automobiles include models that are entirely assembled locally, such as the Mazda CX-5 (3,022 units), Toyota Vios (2,285 units), Ford Territory (2,095 units), Hyundai Accent (2,034 units), and Honda City (2,001 units).

All versions of the Mazda CX-5 are locally assembled. Photo: Thaco.

In the case of the Ford Ranger, the sales volume of 3,762 units since the beginning of the year reflects significant contributions from the assembled versions, with a total of 3,039 units delivered to Vietnamese customers.

Additionally, all VinFast electric vehicles sold in Vietnam are domestically produced. As of the end of March, VinFast’s sales volume in Vietnam exceeded 35,100 units. The number of VinFast vehicles sold in Vietnam helps balance the scale between imported and domestically produced automobiles. The Vietnamese automobile brand is also exporting to several new strategic markets, including Indonesia, the Philippines, and India.

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