Have all automotive statistics at your finger tips:
Passenger cars, commercial vehicles and two-wheelers.
Asian markets
Thailand, Malaysia, Indonesia, Vietnam, Philippines, Singapore, Brunei, China, Hong Kong, Taiwan, Korea, Japan, India, Pakistan, Sri Lanka, Australia and New Zealand.
Detailed
Make, Model, Version
Updated monthly
ASIAN
TWO-WHEELER DATA
NEW MODEL RELEASES, PRICES, SPECIFICATIONS, SALES, PARC
1500 Specifications & Prices
POPULATION DATA - PARC - ON THE ROAD - FLEET DATA
NEED TO KNOW HOW MANY
VEHICLES ON THE ROADS
IN ASIA?
UNITS IN OPERATION (UIO) - VEHICLES IN USE (VIU)
Subscribe to Automotive NEWS
Number of completely built unit vehicles increases in local market
Diendandoanhnghiep.vn, 26 April '24Headlines 26 April '24
- Chery Jetour Shanhai L7 debuts at Beijing Auto Show
- Jiyue 07 backed by Geely & Baidu unveiled at Beijing Auto Show
- Tata Motors launches innovative Harman Ignite Platform in its PVs
- Jetour Auto expand presence in Mindanao with Davao, General Santos showroom
- Sokudo Electric to build in-house motor and controller plant
- Pega launches eSmart AI electric motorcycle
The number of whole cars - completely built unit (CBU) imported into Vietnam is increasing sharply.
Market share of imported whole cars is expanding. The competitive advantage of the domestic automobile industry is fading away.
Imported cars increased sharply
The report from the General Department of Customs shows that, in March 2024, cars imported into Vietnam grew strongly, both in quantity and total turnover value.
There were cars of all kinds, completing customs clearance procedures, with a total turnover of more than US$ 330 million. Compared to the reporting period in March, imported cars into Vietnam increased by 62.3% in turnover value.
In the first quarter of 2024, the total number of whole cars imported into Vietnam reached a total turnover of more than US$ 675 million, with large volumes.
Indonesia continues to be the country that supplies the most cars to the Vietnamese market. In the first quarter of 2024, there were a whole lot of imported cars, of Indonesian origin imported into Vietnam, with a total turnover of more than US$ 213 million.
Next is Thailand, reaching a turnover value of nearly US$ 204 million. The third is China, reaching a turnover of nearly US$ 177 million. That is not to mention cars imported from Japan, the US, the UK, the European Union (EU), and more.
Meanwhile, according to statistics of the Vietnam Automobile Manufacturers Association (VAMA), sales of domestically manufactured and assembled cars in the first quarter of 2024 of member enterprises were more that that of imported vehicles but with a very small margin.
Among the 10 best-selling models in the first quarter of 2024, there are 4 models imported whole cars including Mitsubishi Xpander, Ford Everest, Honda HR-V and Suzuki XL7. That is not to mention the best-selling Ford Ranger pick up model, which sold thew most units with a whole imported Raptor version accounting for the biggest share of 12%.
In March 2024 alone, the number of cars imported into Vietnam accounted for nearly half of the total number of whole cars imported by importers in the first quarter of 2024, showing that imported cars are increasing sharply, compared to domestically assembled cars.
Assembly production loses its advantage
Thanks to enjoying the preferential import tax rate of 0%, whole cars from Indonesia and Thailand easily penetrate the Vietnamese market. Vietnam is becoming a large market for manufactured and assembled cars from Indonesia and Thailand.
Automobile assembly production in Indonesia and Thailand costs 20% less than Vietnam. Therefore, exporting cars to Vietnam has an advantage. If these models reduce the selling price, domestically assembled cars are difficult to compete. This will affect Vietnam's automobile industry, which has a small scale, low output and is still around simple assembly.
Forecasts show that CBU cars from Indonesia and Thailand will flood into Vietnam more in the near future. Currently, Chinese automobile enterprises are investing strongly in Indonesia and Thailand, which will promote the export of cheap cars to Southeast Asian countries, including Vietnam.
Not only that, according to commitments in the European Union (EU) and Vietnam Free Trade Agreements (EVAFTA), the United Kingdom and Vietnam Free Trade Agreement (UKVAFTA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), by 2030 cars imported from EU countries, the UK, Japan and more will enjoy 0% import tax incentives.
Currently, the preferential import tax rate for cars from these countries is gradually decreasing by an average of 7% per year. High-quality imported cars are increasingly flooding into Vietnam. Businesses said that from 2025 onwards, when the import tax rate is reduced to low, domestic assembly of cars will no longer have many advantages.
According to the Ministry of Industry and Trade, by 2030, Vietnam needs about 1 million vehicles/year to serve domestic needs.
If the domestic automobile industry does not develop, it will not be able to meet it. At that time, Vietnam will spend about US$ 10 -12 billion per year to import whole cars to serve consumers. Vietnam's automobile market will belong to foreign countries.
Market share of imported whole cars is expanding. The competitive advantage of the domestic automobile industry is fading away.
Imported cars increased sharply
The report from the General Department of Customs shows that, in March 2024, cars imported into Vietnam grew strongly, both in quantity and total turnover value.
There were cars of all kinds, completing customs clearance procedures, with a total turnover of more than US$ 330 million. Compared to the reporting period in March, imported cars into Vietnam increased by 62.3% in turnover value.
In the first quarter of 2024, the total number of whole cars imported into Vietnam reached a total turnover of more than US$ 675 million, with large volumes.
Indonesia continues to be the country that supplies the most cars to the Vietnamese market. In the first quarter of 2024, there were a whole lot of imported cars, of Indonesian origin imported into Vietnam, with a total turnover of more than US$ 213 million.
Next is Thailand, reaching a turnover value of nearly US$ 204 million. The third is China, reaching a turnover of nearly US$ 177 million. That is not to mention cars imported from Japan, the US, the UK, the European Union (EU), and more.
Meanwhile, according to statistics of the Vietnam Automobile Manufacturers Association (VAMA), sales of domestically manufactured and assembled cars in the first quarter of 2024 of member enterprises were more that that of imported vehicles but with a very small margin.
Among the 10 best-selling models in the first quarter of 2024, there are 4 models imported whole cars including Mitsubishi Xpander, Ford Everest, Honda HR-V and Suzuki XL7. That is not to mention the best-selling Ford Ranger pick up model, which sold thew most units with a whole imported Raptor version accounting for the biggest share of 12%.
In March 2024 alone, the number of cars imported into Vietnam accounted for nearly half of the total number of whole cars imported by importers in the first quarter of 2024, showing that imported cars are increasing sharply, compared to domestically assembled cars.
Assembly production loses its advantage
Thanks to enjoying the preferential import tax rate of 0%, whole cars from Indonesia and Thailand easily penetrate the Vietnamese market. Vietnam is becoming a large market for manufactured and assembled cars from Indonesia and Thailand.
Automobile assembly production in Indonesia and Thailand costs 20% less than Vietnam. Therefore, exporting cars to Vietnam has an advantage. If these models reduce the selling price, domestically assembled cars are difficult to compete. This will affect Vietnam's automobile industry, which has a small scale, low output and is still around simple assembly.
Forecasts show that CBU cars from Indonesia and Thailand will flood into Vietnam more in the near future. Currently, Chinese automobile enterprises are investing strongly in Indonesia and Thailand, which will promote the export of cheap cars to Southeast Asian countries, including Vietnam.
Not only that, according to commitments in the European Union (EU) and Vietnam Free Trade Agreements (EVAFTA), the United Kingdom and Vietnam Free Trade Agreement (UKVAFTA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), by 2030 cars imported from EU countries, the UK, Japan and more will enjoy 0% import tax incentives.
Currently, the preferential import tax rate for cars from these countries is gradually decreasing by an average of 7% per year. High-quality imported cars are increasingly flooding into Vietnam. Businesses said that from 2025 onwards, when the import tax rate is reduced to low, domestic assembly of cars will no longer have many advantages.
According to the Ministry of Industry and Trade, by 2030, Vietnam needs about 1 million vehicles/year to serve domestic needs.
If the domestic automobile industry does not develop, it will not be able to meet it. At that time, Vietnam will spend about US$ 10 -12 billion per year to import whole cars to serve consumers. Vietnam's automobile market will belong to foreign countries.