Car imports from China increase sixfold
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Vietnam imported 3,945 completely built-up (CBU) cars from China in Q1, six times over the same period last year, according to the General Department of Vietnam Customs.
Despite the surging number of cars imported from China, the country was the third-largest car supplier of Vietnam, after Thailand and Indonesia.
Up to 80 percent of the completely built-up (CBU) cars imported to Vietnam in Q1 were from Thailand and Indonesia. The number of imported cars from Thailand was 19,300 units, up 56 percent year-on-year, while those from Indonesia stood at 8,950 units, down 26 percent year-on-year.
Thailand and Indonesia have always led the list of Vietnam’s car suppliers ever since the ASEAN Trade in Goods Agreement (ATIGA) took effect in 2018, owing to the zero import tariff. Meanwhile, imported Chinese cars are dealt an import tariff of 47-70 percent.
Vietnam imported around 35,300 CBU cars in Q1, a year-on-year increase of 31.1 percent.
Auto sales rose by 36 percent year-on-year between January and March to 70,952 units, according to Vietnam Automobile Manufacturers Association (VAMA).
Questions & Answers
Q.Which countries were Vietnam's primary car suppliers during Q1, and what percentage of imports did they account for?
Which countries were Vietnam's primary car suppliers during Q1, and what percentage of imports did they account for?
Thailand and Indonesia were Vietnam's primary car suppliers in Q1. Up to 80 percent of the completely built-up cars imported into Vietnam during this period came from these two nations.
Q.What is the reason for Thailand and Indonesia consistently leading Vietnam's car supplier list?
What is the reason for Thailand and Indonesia consistently leading Vietnam's car supplier list?
Thailand and Indonesia have consistently led the list of Vietnam's car suppliers because of the zero import tariff. This has been the case ever since the ASEAN Trade in Goods Agreement (ATIGA) came into effect in 2018.
Q.How do import tariffs on Chinese cars compare to those from Thailand and Indonesia?
How do import tariffs on Chinese cars compare to those from Thailand and Indonesia?
Imported Chinese cars face an import tariff of 47-70 percent. In contrast, cars from Thailand and Indonesia benefit from a zero import tariff under the ASEAN Trade in Goods Agreement (ATIGA).
Q.What was the total volume of CBU car imports into Vietnam during Q1, and how did this compare to the previous year?
What was the total volume of CBU car imports into Vietnam during Q1, and how did this compare to the previous year?
Vietnam imported around 35,300 CBU cars in Q1. This figure represents a year-on-year increase of 31.1 percent compared to the same period last year.
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