Vietnam spent 2.65 billion USD on importing 111,278 cars in the first 11 months of this year, down 26.6% in volume and 22% in value annually, reported the General Department of Vietnam Customs.
Hanoi (VNA) - Vietnam spent 2.65billion USD on importing 111,278 cars in the first 11 months of this year, down26.6% in volume and 22% in value annually, reported the General Department of VietnamCustoms.
Accordingly,Thailand, Indonesia, and China were the biggest car suppliers to Vietnam.Specifically, Thailand took the lead with 50,144 units, equivalent to over 1.07billion USD, down 18% in volume and 22% decrease in value year on year.
Insecond position was Indonesia with 40,474 units worth over 574 million USD,showing an annual decrease of 36.7% in volume and 38% in value.
China was the third largest car supplier to Vietnam during theperiod, with 9,843 units valued at over 360 million USD, representing a drop of39% in volume and a 46% in value compared to the same period last year.
Additionally, Vietnam also imported completely built-up carsfrom the US, Germany, Japan, the Republic of Korea, France, and others.
In November alone, thenumber of completely built-up cars imported into Vietnam reached 7,508, equivalentto 192.81 million USD, falling 21.9% and 24.3% in volume and valuemonth-on-month, respectively.
Accordingto the Vietnam Automobile Manufacturers’ Association (VAMA), the total sales ofVAMA member units reached 263,249 as of the late November, down 29% annually.Of them, passenger, commercial and special-use vehicles down 31%, 16% and 57%,respectively.
🥂 Thisyear, the Vietnamese automobile market is forecast to fall short of the volumeof over 404,000 sold in 2022, mostly due to current challenging conditions,leading consumers tightening their belts./.
After sales grew 13% in September, the car market in Vietnam was stagnant in October even when producers offered discounts and promotions to stimulate demand.
The development strategy for Vietnam’s automobile industry to 2035, approved by the Prime Minister on July 16, 2014, identified this industry as an important driver of national industrialisation and modernisation that needs to be facilitated by stable, consistent, and long-term policies.
The domestic auto market in Vietnam is experiencing a decline in car sales due to sluggish customer demand compared to previous years, despite price reductions and promotions offered by car manufacturers during the peak shopping season, according to local car experts.
November was the second consecutive month that the auto market went sideways, reported the Vietnam Automobile Manufacturers’ Association (VAMA) on December 12.
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The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
Illustrative image (Photo: VNA) 
