Manufacturing News 17/05/2024, 02:29

New car additions to Vietnam's market show a 6% decrease from previous month

According to the General Statistics Office, a total of 38,200 new vehicles, including both domestically produced and imported cars, were added to the Vietnamese market in April. This figure represents a 6% decrease from March, yet a 2% increase compared to the same period in 2023.

New car additions to Vietnam's market show a 6% decrease from previous month

Of these, the number of completely built unit (CBU) imported cars in April 2024 was estimated at 12,500 units, valued at $244 million. Compared to the previous month, imports in April 2024 decreased by 21.2% in quantity and 26.1% in value. However, compared to the same period last year, the number of imported cars in April 2024 increased by 1.6% in quantity but decreased by 15.1% in value, indicating a recent trend among importers to focus on cheaper models, with an average value of just $19,500 per vehicle (approximately 495 million VND).

Additionally, the output of domestically manufactured and assembled cars reached 25,700 units, a 3.6% increase from March 2024 (24,800 units) and a 5.2% increase compared to the same period in 2023.

For the first four months of 2024, the production of domestically manufactured and assembled cars totaled 88,300 units, a 6.6% decrease from the same period in 2023.

Similarly, the total number of CBU imported cars for the first four months of 2024 was estimated at 44,772 units valued at $919 million. Compared to the same period in 2023, this represents a 17.6% decrease in quantity and a 24.2% decrease in value.

Industry experts suggest that the weak car sales in the first quarter of 2024 have made importers cautious, leading to a limited influx of new vehicles. Currently, many manufacturers are postponing new product launches until the end of the second quarter of 2024.

Bao Cong Thuong / Translator: Hoang Giang
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