Auto imports zoom to new high
Auto imports rose by 8.4% last year to a record 173,467 units, which cost US$3.84 billion according to Vietnam Customs.
The previous highest number was over 160,000 in 2021.
Indonesia and Thailand were the biggest sources of the imports last year, accounting for 41.9% and 41.5%.
China was third with 10%.
The government has issued a decree encouraging auto imports from ASEAN countries to comply with the ASEAN Trade in Goods Agreement.
From 2022 to 2027 vehicles produced within ASEAN with over 40% locally sourced components are exempt from import tax.