The Rise of Auto Imports: Vietnam’s $2 Billion Dollar Industry

According to the latest report from the General Statistics Office, in the first half of June, Vietnam imported a total of 12,244 completely built-up (CBU) automobiles, with a total value of over 253 million USD.

Cumulative from the beginning of the year, Vietnam has imported a total of 96,264 automobiles of all kinds. The total value of this group of goods has also exceeded 2 billion USD so far this year, according to the General Department of Customs.

Thus, the import turnover of completely built-up automobiles in Vietnam has increased strongly compared to the same period last year, both in terms of import volume and total value.

Official reports from the General Statistics Office show that in the period from the beginning of 2024 to June 15, 2024, Vietnam spent a total of 1.39 billion USD to import 66,530 completely built-up automobiles of all kinds.

Imported automobiles in Vietnam are going through a “golden” period, with better sales performance compared to assembled cars. According to the Vietnam Automobile Manufacturers Association (VAMA), the total market size up to the end of May consumed a total of 131,044 automobiles of all kinds.

This number includes 62,764 domestically assembled cars, equivalent to a 13% growth compared to last year. The sales of imported cars in Vietnam from the beginning of the year reached 68,280 units, a growth of up to 29% compared to the first five months of 2024.

Imported cars in Vietnam increase in both volume and turnover criteria. Illustration: TMV.

According to VAMA, the Toyota Yaris Cross, with 4,270 units sold in the first five months, is currently the best-selling imported car model in Vietnam. The Ford Everest, with 4,012 units sold, is in the top 10 best-selling models and continues to lead the midsize SUV segment.

The Mitsubishi Xforce, which was a bright spot in the Vietnamese market in 2024, is facing some challenges in the early months of this year. In the first five months, Xforce sales in Vietnam reached 3,144 units, equivalent to an average of nearly 630 units per month.

Recently, the Vietnamese market has witnessed the entry of many new automobile brands, most of which choose to import cars from abroad in the initial phase.

BYD and its compatriot GAC Aion are new energy vehicle brands that distribute all their products in Vietnam in the form of completely built-up imports. Currently, the Aion electric car brand under the GAC group has almost withdrawn from the Vietnamese market, while BYD has not yet clarified its plan to build an assembly plant in the country.

BYD and many new car brands in Vietnam are importing cars in the initial phase. Photo: Phúc Hậu.

Other Chinese car brands such as Omoda, Jaecoo (under Chery Corporation), and Geely, Lynk & Co (under Geely Corporation) are also distributing imported car models to Vietnamese customers. These brands have planned to build factories in Vietnam to soon switch to domestic assembly instead of importing completely built-up cars.

The current SUV lineup of the Skoda brand, distributed by TC Motor since 2023, is imported from Europe. However, Skoda’s factory in Quang Ninh province has been completed, and the Skoda Kushaq B-size SUV will be the first model to roll off the assembly line there.

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