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Vietnam’s cars and auto parts imports updates (9 months 2022)

Vietnam’s cars and auto parts imports updates (9 months 2022)

Wednesday 28, 09 2022
In the first 9 months of 2022, the import of complete CBU cars to Vietnam was estimated at 114,239 units, with a turnover of 2.60 billion USD. Auto parts imports into Vietnam are estimated at 4.3 billion USD.

Vietnam’s cars market in August 2022

According to the Vietnam Automobile Manufacturers Association (VAMA), in August 2022, sales of the VAMA’s members reached more than 30,000 vehicles of all kinds, up 2% compared to July, but increased to 247% over the same period in 2021.

Out of the above total sales, there are 25,000 passenger cars, up 9%; more than 5,500 commercial vehicles, 20% off; nearly 270 specialized vehicles, up 21% compared to the previous month.

In terms of origin, while sales of domestically assembled cars reached nearly 15,500 units, up 3%, sales of imported ones were more than 15,000 units, up 1% from the previous month.

In the first 8 months of 2022, VAMA's member units have total sales of more than 260,000 vehicles, up 50% compared to the same period in 2021.

vehicle origin - Vietnamcredit

By vehicle origin, in the past 8 months, sales of domestically assembled cars reached more than 150,000 vehicles, up 54%, while imported cars were more than 110,000 units, up 45% over the same period in 2021, the list of 10 best-selling cars in the market continues to witness strong fluctuations. After releasing the new version, Xpander has regained its form and continuously leads in sales.

With sales up to nearly 3,000 vehicles, Mitsubishi Xpander continued to set a new record and became the best-selling car in the whole market in August. This result is nearly twice as high as the two following positions, Toyota Corolla Cross and Toyota Corolla Cross. Toyota Veloz with sales of about 1,600 cars and more than 1,500 cars, respectively.

Imports of automobiles and auto parts in August 2022

CBU cars imports

According to preliminary statistics, the import of CBU cars to Vietnam in September 2022 was estimated at 18,000 units, with a turnover of 349 million USD, down 1.5% in volume and 9.5% in turnover compared to August 2022. The imported amount increased by 108.5% in volume and 78.4% in turnover compared to September 2021.

In the first 9 months of 2022, the import of complete CBU cars to Vietnam was estimated at 114,239 units, with a turnover of 2.60 billion USD, up 0.02% in volume and 2.4% in turnover compared to the same period in 2021. Thus, this is the third consecutive month that automobile import turnover has grown significantly. However, the turnover level in August 2022 is still lower than the peak in May 2022.

CBU cars imports - Vietnamcredit

In August 2022, Vietnam imported CBU cars mainly from the markets of Indonesia, Thailand, and China, accounting for 95.5% of total imported cars. Notably, in August, cars imported from Indonesia amounted to 10,360 pieces, helping this country surpass Thailand to become the largest auto supplier to Vietnam in the first 8 months of 2022.

Auto parts

According to preliminary statistics, auto parts imported into Vietnam in September 2022 are estimated at 510 million USD, down 2.4% over August 2022 and up 56.1% compared to September 2021.

In the first 9 months of 2022, the import of auto parts into Vietnam is estimated at 4.3 billion USD, up 15.3% in turnover compared to the same period in 2021.

Korea is the largest auto parts supplier to Vietnam in the first 8 months of 2022, accounting for 26.4% of total imports, followed by China, Thailand, and Japan, accounting for 22.9%, 16.6%, and 15.2%, respectively. Vietnam's auto parts imports from these markets increased over the same period in 2021.

Auto parts Vietnamcredit

Top 10 auto parts importers

(First 8 months 2022)

Top 10 auto parts importers Vietnamcredit

 

Car consumption in October to increase

 

The continuous increase of imported cars to Vietnam will help alleviate part of the supply thirst in the automobile market. The demand for shopping in the market is still abundant. Therefore, when the supply is proactive, the general purchasing power at the end of the year will increase sharply.

The number of vehicles arriving at the port mainly comes from the supply capacity of factories in foreign countries when the supply chain of components is gradually improved. The connection of global parts supply chains is also clearly reflected in the domestic CKD car market.

From the positive signals about the supply of car manufacturers, it is forecasted that until the end of 2022, the total automobile purchasing power in Vietnam's market will grow significantly. That will make up for the period of repression since the outbreak of the COVID-19 pandemic.

 

Source: The Ministry of Industry and Trade

Compiled by VietnamCredit

 

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