In the first nine months of 2024, Vietnam imported approximately 124,090 completely built-up (CBU) cars, valued at $2.566 billion, representing a significant increase of 32.6% in volume but only a 16.0% increase in value.
According to a recent report from the General Statistics Office, it is estimated that in September 2024, a total of 52,582 new cars, including both domestically produced and imported vehicles, were added to the Vietnamese market. This figure represents a significant increase of 10.5% compared to August (with 47,561 vehicles).
Of this, the production of domestically manufactured and assembled cars in September is estimated to reach 34,300 units, up 5.5% from August (32,500 units) and up 30.3% compared to the same period in 2023. This is the highest monthly production figure recorded so far in 2024. In total, for the first nine months of 2024, the production of domestically manufactured and assembled cars is estimated at 241,400 units, an increase of 11.9% compared to the same period in 2023.
According to the statistics, alongside the upward trend in domestic vehicle production, imports of cars have also seen strong growth in both quantity and value.
The total number of imported completely built-up cars in the first nine months of 2024 is estimated at 124,090 units, with a value of 2.566 billion USD. Compared to the same period in 2023, this figure represents a significant increase of 32.6% in quantity, but only a 16.0% increase in value.
Indonesia continues to be the largest exporter of cars to Vietnam. As of the end of August, the number of vehicles imported from Indonesia reached 43,810 units, with a total value exceeding 642 million USD.
Despite this growth compared to 2023, experts assess that purchasing power for cars remains very low, which is a result of significant discounts and aggressive promotional efforts from numerous manufacturers that have persisted since the beginning of the year.
Recently, the government issued Decree 109/2024/NĐ-CP, which officially reduces the registration fee by 50% for domestically produced and assembled cars. This 50% support on registration fees will be applicable from September 1 to November 30, 2024.
This reduction in registration fees is expected to bring positive signals to the domestic car market. However, for car manufacturers, this is not sufficient, as only domestically assembled vehicles benefit from this policy, while completely built-up imports do not.
