Vietnamplus

Vietnam’s automobile market recorded slight growth in 2021, data from manufacturers showed.

Vietnam’s imports of completely built-up (CBU) vehicles in the first seven months of 2021 posted a year-on-year surge of 111.2 percent in volume despite the complexities of COVID-19.

About 335 million USD was spent on importing 15,316 completely built-up (CBU) vehicles in June, down 10.2 percent and 1.8 percent, respectively, against the previous month, according to the General Department of Customs.

The Vietnam Automobile Manufacturers’ Association (VAMA) has reported that its members posted a 15 percent month-on-month decline in automobile sales in May to 25,585 units, due to the impact of COVID-19 and a shortage of semi-conductor chips for the industry.

More than 1.1 billion USD was spent on importing 49,360 completely built-up (CBU) vehicles in the four months of 2021 in Vietnam, a surge of 55.2 percent in volume and 57.2 percent in value over the same period last year, the General Statistics Office (GSO) has reported.

A long Lunar New Year holidays, the ending of registration fee cut and impacts from COVID-19 pandemic are major reasons behind a strong fall of automobile sales in February, according to insiders.

The number of completely-built-up (CBU) motor cars imported to Vietnam in January fell 34.3 percent against December to 8,343 units worth 213 million USD, the General Department of Vietnam Customs has reported.

Vietnam spent about 1.2 billion USD to import 53,000 completely built unit (CBU) cars in the first eight months of this year.

Competition in the automobile sector on the domestic market is fierce, not only in the production of local enterprises, but also the significant imports of cars in the first nine months of this year.

The sale of domestically-assembled cars during January-July fell 14 percent year on year to some 107,000 units, while that of completely-built units (CBU) shot up 207 percent to over 73,900, the Vietnam Automobile Manufacturers’ Association (VAMA) said on August 12.

Almost 28,900 cars were sold in Vietnam in October, up 21 percent from the previous month, according to the Vietnam Automobile Manufacturers Association (VAMA).

Automobile traders are suffering tough times due to a slide in prices and sales, though the used-car market has been vibrant even during the seventh lunar month called Thang Co hon (Month of lonely spirits), more than 30 units sold per day.

Some 24,365 cars were sold in June, up 5 percent from last month, the Vietnam Automobile Manufacturers’ Association (VAMA) said in a recent report.

A draft decree on auto manufacturing, assembling, importing, and maintenance and warranty business recently publicised by the Ministry of Industry and Trade (MoIT) is concerning industry insiders.

The import of completely built-up (CBU) autos from India in May jumped more than 20 times from February to over 3,500 units with an average price of only 112 million VND (4,870 USD).

Automobile sales in August dropped by 10 percent from the previous month to 18,236 units, according to the Vietnam Automobile Manufacturers’ Association (VAMA).