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Vietnam’s automobile market in the first quarter of 2022

Vietnam’s automobile market in the first quarter of 2022

Tuesday 12, 04 2022
In the first two months of 2022, Vietnam’s automobile sales were 34% higher compared to the same period in 2021. CBU cars imports reached about 27,000 units.

Vietnam’s automobile sales in the first quarter of 2022

According to Vietnam Automobile Association, the sales of the whole Vietnam’s automobile market in February 2022 were 22,802 units, down 26% over January and up 68% over February 2021.

In February 2022, 17,541 passenger cars, 4,782 commercial vehicles, and 479 special-purpose vehicles were sold. CKD sales were 14528 units, and CBU was 8274 units, down 18% and 36% over January 2022.

In the first two months of 2022, Vietnam’s automobile market achieved a revenue 34% higher compared to the same period in 2021. Passenger cars increased by 42%, commercial vehicles by 4.7%, and special-purpose vehicles by 62% over 2021. CKD and CBU volume increased by 41% and 25% over the same period last year.

Vietnam’s automobile market

In February 2022, most car manufacturers had a decrease in sales results. For example, Honda only had 1,830 vehicles sold, down 51.5% compared to the previous month.

Meanwhile, Hyundai sold 4,173 pieces, down 43.2% compared to January 2022. Hyundai's best-selling model, Accent, sold only 1,001 pieces, down 58.2% over January.

It is assessed that car sales of VAMA will recover from the beginning of April 2021 when dealers are to stimulate shopping demand have launched many promotions and discounts.

CBU cars imports reached about 27,000 units

According to preliminary statistics, Vietnam’s car imports in March 2022 reached 13,500 units with a turnover of 307 million USD, up 47.3% in volume and 44.9% in turnover compared to February but down 20.3% in volume and 20.8% in turnover compared to March 2021.

In the first 3 months of 2022, CBU cars imported to Vietnam were 27,190 units, equivalent to a turnover of 645 million USD, down 22.9% in volume and 20.6% in turnover compared to the same period in 2021.

According to the General Department of Customs statistics, imported CBU cars to Vietnam in February 2022 reached 9,152 units, with a turnover of 212.3 million USD, down 7% in volume but up 3% in turnover compared to February 2021.

In the first two months of 2022, imports of CBU cars to Vietnam reached 13,690 units, with a turnover of 338.6 million USD, down 25.2% in volume and 20.4% in turnover over the same period last year.

In February 2022, Vietnam imported CBU cars mainly from Thailand and Indonesia, accounting for 80.3% of the total volume. However, imports of CBUs from these two markets both decreased compared to February 2021.

In contrast, automobile imports from China and the US increased sharply in February 2022. Imports from China increased by 75.4% in volume and 85.2% in turnover compared to the previous year. Imports from the US market increased by 641.1 % in volume and 271.8% in turnover.

automobile imports

In the first two months of 2022, imports of CBU cars from many markets into Vietnam decreased. Imports from the Korean market dropped the most, down 96.0% in volume and 97.6% in turnover over the same period in 2021.

Expecting rising prices

Many automobile brands in Vietnam are planning on rising selling prices. Toyota dealers are expected to apply new prices from May 1, with the increase depending on each model.

Besides Toyota, Suzuki has also adjusted and increased the selling price of some models. The prices of Ertiga, Swift, and Ciaz all increased from 5.9 to 10 million VND.

Before that, Ford also increased the price of Everest and Ranger by about 12 million VND, citing the scarce supply of spare parts. Mercedes-Benz has also increased the prices of some GLC and GLS models, the highest by about 70 million VND with optional adjustments.

manufacturers and traders of automobiles

Most manufacturers and traders of automobiles and motorbikes in Vietnam are considering adjusting their selling prices, citing the global economic fluctuations that continue to affect the raw material market, leading to the price of raw materials input rising.

Along with that, high transportation costs make financial pressure increasingly greater. As a result, increasing the selling price of cars to offset input costs is inevitable.

Vietnam’s automobile market has been gloomy in the first two months of 2022. It is expected that the market will be active again in the coming time. Consumption demand for the automobile market is recovering domestically and worldwide is the basis for such expectation.

In addition, consumers may find the downturn in the automobile market a convenient opportunity to purchase cars for a reasonable price. Many car manufacturers have taken advantage of that and launched new products to dominate the market.

 

Source: The Ministry of Industry and Trade

Compiled by VietnamCredit

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