Thailand dominates Vietnam's car imports
Thailand has continued to hold a large share of Vietnam's car imports according to initial statistics of the General Department of Vietnam Customs.
In November, 2020, Vietnam imported 5,927 cars from Thailand with a total value of over USD125 million. In October, the country imported 7,599 cars from Thailand, valued at over USD150 million, the department reported on December 25.
In the first 11 months of this year, the number of cars imported from Thailand reached 44,697 units with a value of USD913 million, accounting for half of the imports, the report said. Car imports from Indonesia make up 36% with 32,691 units valued at over USD410 million.
According to the report, the number of imported cars in the first 11 months of 2020 reached 92,261, down 30.5% from the same period last year.
The decrease is attributed to the impact of Covid-19 pandemic.
Another cause was the Government’s latest reduction of registration fees for domestically-assembled and manufactured automobiles, which encouraged customers to buy locally-made cars.
After 25 years of development, the automobile industry has failed to reach its localization ratio goal, while cars in Vietnam are more expensive than other regional countries.