These three businesses are also the largest importers of auto parts and accessories in Vietnam in the first 5 months of 2021. Specifically, the total auto parts and accessories import turnover of Hyundai Thanh Cong Viet Nam Auto Manufacturing Corporation’s in 5 months was 273,913 million USD, followed by Vinfast Trading and Production Limited Liability Company, whose import turnover was 172,216 million USD. The import turnover of auto parts of Thaco - Mazda Automobile Manufacturing One Member Limited Liability Companythaco – Mazda was 161,631 million USD .
In June 2021, the Vietnamese automobile market continued to experienced a decline due to the negative impact of the Covid-19 epidemic.
According to the Vietnam Automobile Manufacturers Association (VAMA), car sales in Vietnam in June 2021 reached 23,587 vehicles, down 8% compared to May 2021 and up 2% over the same period last year.
In particular, sales of passenger car reached 15,802 vehicles, down 10% compared to May 2021; that of commercial vehicles reached 7,131 vehicles, down 5% and specialized vehicles reached 654 vehicles, down 25%.
The output of domestically assembled cars reached 13,365 vehicles, down 3% from the previous month while the number of imported CBU cars was 10,222 units, down 13%.
TC Motor, which distributes Hyundai passenger cars, announced that their sales in June 2021 reached 5,558 vehicles, down 8.18% compared to May 2021. In the first 6 months of 2021, the number of cars sold by this company was 34,035 vehicles, a slight decrease of 1% compared to the same period in 2020.
In general, compared to first quarter of the year, the Vietnamese automobile market is showing signs of steady decline. The sales volume for June 2021 was only higher than January with a difference of 10,002 vehicles.
So far in 2021, the total sales of car has reached 150,481 vehicles, an increase of 40% compared to the same period in 2020.
Among more than 20 car that are present in Vietnam, Hyundai has continued to surpass Toyota to lead the passenger car market in June with 5,558 cars sold. Following are Toyota with 5,127 cars, Vinfast with 3,517 cars, Kia with 3,290 vehicles and Mitsubishi with 1,825 cars.
The above overview shows the Covid-19 outbreak has caused people's purchasing power to gradually decrease. It is forecasted that in the following months when the epidemic cannot be controlled, the Vietnamese automobile market may enter a period of consumption crisis, especially in the coming lunar July (starting from August 8).
Import of CBU cars
According to statistics of the General Department of Customs, imports of CBU cars to Vietnam in June 2021 reached 14,786 units with a turnover of 306.5 million USD, down 3.5% in volume and 14.6% in value compared to May 2021. Generally in the first 6 months of 2021, imports of CBU cars to Vietnam reached 79,353 units, with a turnover of 1.73 billion USD, up 100.9% in volume and 100.4% in turnover over the same period last year.
The decrease in imported cars in June 2021 compared to the previous month was resulted from the fact that Vietnam’s automobile market is still affected by the Covid-19 pandemic. Meanwhile, the number of imported cars in the previous months, peaking in March 2021 with approximately 17,000 units, has yet to be sold out. In addition, due to the epidemic situation, some new car models had to delay the launch schedule till the last months of the year.
In June 2021, Vietnam mainly imported CBU cars from Thailand, China and Indonesia, which accounted for 95% of total imported cars.
In general, imports of CBU cars into Vietnam in June 2021 increased compared to June 2020, except for imports from the Russian market, which decreased by 10.0% in volume and 93.0% in value compared to June 2020.
Imports of auto parts and accessories
Statistics of the General Department of Customs shows that in June 2021, the import of auto parts and accessories into Vietnam reached 435.6 million USD, down 3.3% compared to May 2021, but up 65.1 % compared to June 2020. Generally, in the first 6 months of 2021, the import of auto parts and accessories into Vietnam reached 2.47 billion USD, up 64.6% over the same period in 2020.
Korea is the largest supplier of auto parts and accessories of Vietnam in the first 6 months of 2021, accounting for 27.7% of total import turnover, followed by China, Thailand and Japan, accounting for 19.7%, 19.6% and 17.1% respectively. In particular, imports of this item from all markets increased over the same period in 2020.
Notably, imports of auto parts and components from India and Italy increased sharply in the first 6 months of 2021 compared to the same period of 2020 with growth rates of 108.2% and 165.1%, respectively.
Source: Ministry of Industyr and Trade
Compiled by VietnamCredit