Imported cars hit record high despite upcoming ghost month

According to the General Statistics Office’s report released on July 29, an estimated total of 44,400 new cars, including both domestically produced and imported cars, were added to the Vietnamese market in July. This figure increased slightly by 1.1% compared to June (with about 43,890 cars). However, the ratio between imported and domestically produced cars changed.

Of which, the output of domestically produced and assembled cars in July is estimated at 27,400 units, down 2.1% compared to June (28,000 units) but still up 41.5% over the same period in 2023. In the first 7 months of 2024, the output of domestically produced and assembled cars is estimated at 172,200 units, up 2.5% over the same period in 2023.

In contrast to the slight downward trend of domestic cars, imported cars grew quite well. Specifically, in July, the number of imported cars was estimated at 17,000 units with a turnover value of 337 million USD. Compared to the number of 15,890 units and the turnover value of 310 million USD in June, imported cars in July increased by 7.0% in volume and 8.7% in value.

According to statistics, the total number of imported cars in the first 7 months of 2024 is estimated at 91,585 units with a value of 1.888 billion USD. Compared to the same period in 2023, this number increased sharply by 14.7% in volume but only slightly increased by 0.7% in value.

The average single value of imported cars in the first 7 months of the year was only 20,600 USD/car (approximately 520 million VND/car), down about 12.5% ​​over the same period. This shows that the trend of car importers in early 2024 is to prioritize bringing into the country low-value popular cars.