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Car imports sharply decreased in May. Photo: T.T.. |
According to the latest report from the General Department of Customs, the total volume of completely built-up (CBU) car imports into Vietnam reached 7,608 vehicles with a total value of over $191 million in May.
Compared to April, car imports in May decreased by 38.3% in terms of volume and 33.6% in terms of value.
It is worth noting that Indonesia has surpassed Thailand to become the largest car supplier to the Vietnamese market in May. Specifically, a total of 2,966 cars sourced from Indonesia completed customs procedures at Vietnamese ports last month, while the figure for cars of Thai origin was only 2,873.
However, the average value of Thai cars in May was recorded at around $24,202 per vehicle, equivalent to over 568 million VND per vehicle. The corresponding figure for cars imported from Indonesia was only $12,176 per vehicle, equivalent to an average import value of 286 million VND per vehicle.
| Indonesia has become the largest car supplier to the 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 followed closely 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 of German origin amounted to over $9.5 million, making the average value of cars imported from this European country around $81,550 per vehicle, equivalent to over 1.9 billion VND.
From 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 the Vietnamese market, car sales declined in April immediately after a late first quarter recovery. At the end of the first four months, a report from the Vietnam Automobile Manufacturers’ Association (VAMA) showed that the total vehicle sales in Vietnam reached 92,801 vehicles, a decrease of 30% compared to the same period last year.
The consumption of imported cars reached 42,784 vehicles after the first four months, a 16% decrease compared to the same period in 2022. Meanwhile, the sales of locally assembled cars also decreased by 39% compared to last year, reaching 50,017 vehicles as of the beginning of the year.
As of the end of May, a report from the General Department of Customs showed that Vietnam had also 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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