20 Jan Car imports skyrocket in 2019
Vietnam imported up to 140,000 cars in 2019 worth a total USD3.16 billion, up 84% on-year, with the majority from Indonesia and Thailand.
According to the General Department of Vietnam Customs, of the total number of imported cars last year, 102,400 were below nine seats, up 84%, costing USD1.96 billion in total.
The average price of an imported car in 2019 was around VND520 million (USD22,608), higher than that of 2018.
Thai and Indonesian cars accounted for 121,500 or 85% of the total figure in the year with 75,000 cars from Thailand.
In 2018, only 55,800 Thai cars were imported into Vietnam, while the Indonesian cars were nearly 18,000.
Earlier, the Vietnam Automobile Manufacturers’ Association said that car sales in Vietnam would hit a record high of 400,000 in 2019.
Despite lower prices, car prices in Vietnam are still 10-20% higher than many regional countries due to high taxes.
Locally-made and assembled cars remained less popular to imported models as producers have to pay high taxes for spare part imports.