In the first half of 2024, Vietnam imported nearly 75,000 cars, valued at 1.547 billion USD. The predominant trend is towards low-cost vehicles.

According to the General Statistics Office's report released on June 29, an estimated total of 43,200 new cars, both domestically produced and imported, entered the Vietnamese market in June. This figure represents a 3% increase compared to May.

Of these, domestically manufactured and assembled cars totaled 27,200 units, marking a slight increase of 0.7% from May’s 27,000 units but a 6.4% decrease from the same period in 2023. In the first six months of 2024, the output of domestically manufactured and assembled cars is estimated at 144,000 units, down 3.2% from the same period in 2023.

Although the Government is expected to issue a Decree on a 50% preferential registration fee for domestically manufactured and assembled cars (anticipated to be in effect from August 1, 2024, to January 31, 2025, as proposed by the Ministry of Finance), the number of imported cars in June continued to rise.

Specifically, in June, the number of imported cars is estimated at 16,000 units with a turnover value of 307 million USD. Compared to May's figures of 14,941 units and a turnover value of 311 million USD, imported cars in June increased by 7.1% in volume but decreased by 1.3% in value.

The total number of imported cars in the first half of 2024 is estimated at 74,716 units, with a value of 1.547 billion USD. This marks a 5.3% increase in volume but a 6.7% decrease in value compared to the same period in 2023.

The average value of imported cars over the past six months was 20,700 USD per car, indicating a trend towards prioritizing the import of low-value cars.

Hoang Hiep