January auto imports surge 85 percent in Vietnam

Auto imports in January rose to 8,343 completely built units worth $212.5 million, up 84.7 percent and 76.2 percent year-on-year, respectively.

Most of car imports are from Thailand and Indonesia, at an average price range of VND350 million ($15,000) to VND 1.2 billion.

Experts have said that the scale of manufacturing, tax exemptions and affordable auto models are elements that have allowed these nations to acquire large market shares in Vietnam.

A Vietnam Customs report notes that auto imports had fallen 24.5 percent to 105,200 units last year as the Covid-19 pandemic slashed demand and forced dealers to stop working for weeks in April.

Industry insiders say it is still early to forecast this year’s performance by Vietnam’s auto industry because the Covid-19 situation has become increasingly unpredictable.