More than US$1.1 billion spent on car imports in four months

Monday, May 10, 2021  10:34

New cars line up in Hiep Phuoc port in HCM City

More than US$1.1 billion was spent on importing 49,360 completely built-up (CBU) vehicles in the four months of 2021 in Vietnam, a surge of 55.2% in volume and 57.2% in value over the same period last year, the General Statistics Office (GSO) has reported.

In April alone, 14,000 automobiles worth US$292 million were imported. However, the import turnover of CBU vehicles in April declined against the previous month.

In March, the import of automobiles increased dramatically as more than US$347 million worth of CBUs were brought into the country.

In the first quarter of 2021, 35,367 cars worth US$770 million were imported, up 31.1% in volume and 35% in value against the same period last year.

Industry insiders said these figures could be seen as a positive signal as the local car market continues to struggle with the impact of COVID-19.

A report from the Vietnam Automobile Manufacturers’ Association (VAMA) revealed that the total sales figure in the domestic automobile market in the first quarter this year reached 70,925 units, or a year-on-year increase of 36%.

Industry insiders attributed the surge to the increasing demand for transport and private use after the economy stalled due to the COVID-19 pandemic.

The figure comprised 51,126 passenger cars, up 34%, 18,735 commercial vehicles, up 43%, and 1,091 special-use vehicles, up 17%.

In March alone, auto sales by VAMA members grew by 127% against February to 30,935.

Of these, 21,089 were passenger cars, 9,227 commercial vehicles, and 619 special-use vehicles.

Sales of domestically-assembled vehicles rose 99% month-on-month to 70,952, while those of completely-built-up (CBU) vehicles increased 177% against January to 13,795.