The recent 50% reduction in registration fees has played a significant role in driving a substantial surge in the number of domestically manufactured and assembled cars in August.
According to the report from the General Statistics Office released on August 29, in August, an estimated 33,500 new cars were added to the Vietnamese market, including imported cars and domestically produced cars, an increase of 12.3% compared to July.
The number of CBU cars imported into Vietnam in August was estimated at 8,500 cars, with a total turnover value of 194 million USD.
Compared to the number of 8,929 cars and turnover value of 217 million USD in July (according to the report of the General Department of Customs), imported cars decreased slightly by 4.8% in volume and 10.6% in value. Compared to the same period in 2022, the number of imported cars in August 2023 decreased sharply by 53.3% in volume and 49.4% in value.
In the first 8 months of 2023, there were an estimated 88,322 CBU cars imported into Vietnam, with a total turnover value of 2.062 billion USD. Thailand, Indonesia, and China are still the three countries where Vietnam imports the most cars.
While imported cars tend to decrease slightly and level off compared to previous months, domestically produced and assembled cars growth reversed quite strongly in August.
Specifically, according to the report from the General Statistics Office, the number of cars produced and assembled domestically in August 2023 was estimated to reach 25,000, an increase of 19.6% compared to July (with 20,900 cars).
In the first eight months of 2023, the total number of cars produced and assembled by domestic enterprises was projected to reach 212,100, amounting to a 79.6% increase in comparison to the same period in 2022.
Industry experts attribute this substantial uptick in August's car production and assembly to the impact of the 50% registration fee support policy, which has been in effect for the past six months, stimulating the domestic market.
Furthermore, the period following Lunar July up to the Lunar New Year typically witnesses robust growth in the market, prompting automotive companies to gear up for this peak season.