According to data released by the General Department of Customs, from the beginning of 2024 to the end of August, Vietnam imported a total of 102,627 cars. Indonesia was the largest exporter of cars to Vietnam with 43,810 units, reaching a total value of 642.24 million USD.
Thailand ranked second with a total of 39,101 cars arriving at ports, with a value of 756.64 million USD. China ranked third with 19,649 cars, reaching nearly 582 million USD.
Notably, compared to the same period last year, the number of cars imported from China to Vietnam in the first 8 months of 2024 has increased by 2.8 times. In fact, this figure exceeds the results of both 2022 and 2023.
Chinese cars flooding into Vietnam in the first 8 months of 2024 (Photo: Nguyễn Lâm).
In 2022, Vietnam imported a total of 17,333 cars from China, with a total value of 714.6 million USD. This number decreased significantly in 2023: 11,002 cars, with a total value of 394.2 million USD.
Among the total of 19,649 Chinese cars arriving at Vietnamese ports in the first 8 months of 2024, in addition to passenger cars with 9 seats or less, there are also various types of specialized vehicles. According to experts, this result is due to many Chinese car manufacturers continuously entering Vietnam from 2023 until now.
In 2024, the Vietnamese car market has welcomed the entry of some "giants" from China such as BYD and GAC. Some well-established brands have also introduced many imported products from this market, such as MG Motor (MG4 EV, MG7) and Volkswagen (Viloran, Teramont X).
Viloran is a large-size MPV with a price starting from 1.989 billion VND. Volkswagen says this model has sold nearly 1,000 units in the country in the first half of 2024 (Photo: Nguyễn Lâm).
In addition to the above figures, the report from the General Department of Customs also reveals that Vietnam imported 15,061 completely-built cars in August. This number decreased by 12% compared to July, but still maintained a high level, as August coincides with the Ghost Month - the annual low season of the market.
More specifically, the total number of passenger cars with 9 seats or fewer imported to Vietnam in August was 12,776 units, with a total value of 224 million USD. Of these, 5,768 cars originated from Indonesia, up 10% from the previous month; from Thailand with 5,353 units, a decrease of 27.5%; and from China with 1,223 cars, an increase of 22.9%.
Experts believe that the supply of imported cars is quite abundant, allowing car manufacturers or dealers to launch promotion and discount campaigns. Especially since September 1st, domestically produced cars have been supported by the government with a 50% reduction in registration fees; therefore, imported cars also need corresponding incentives to compete.
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