Auto imports zoom to new high
In this article (5)
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.
Questions & Answers
Q.What was the previous record for auto imports before last year's figures?
What was the previous record for auto imports before last year's figures?
The previous highest number for auto imports was over 160,000 units, recorded in 2021. Last year's total of 173,467 units set a new record.
Q.Which two countries were the primary sources of imported vehicles last year?
Which two countries were the primary sources of imported vehicles last year?
Indonesia and Thailand were the biggest sources of imports last year. Indonesia accounted for 41.9% and Thailand for 41.5% of the total.
Q.Why is the government encouraging auto imports from ASEAN countries?
Why is the government encouraging auto imports from ASEAN countries?
The government is encouraging these imports to comply with the ASEAN Trade in Goods Agreement. It aims to facilitate trade within the region.
Q.What criteria must vehicles meet to be exempt from import tax under the current decree?
What criteria must vehicles meet to be exempt from import tax under the current decree?
From 2022 to 2027, vehicles produced within ASEAN are exempt if they have over 40% locally sourced components. This encourages regional manufacturing.
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