Imported cars decrease sharply, businesses only focus on bringing in cheap cars

According to the recently released report of the General Statistics Office, in April, a total of 38,200 new cars, including domestically produced and imported cars, were added to the Vietnamese market. This figure decreased by 6% compared to March but still increased by 2% compared to the same period in 2023.

Of which, the output of domestically manufactured and assembled cars is estimated at 25,700 units, a slight increase of 3.6% compared to March (24,800 units) and an increase of 5.2% compared to the same period in 2023. In the first 4 months of 2024, the output of domestically manufactured and assembled cars is estimated at 88,300 units, a decrease of 6.6% compared to the same period in 2023.

According to the General Statistics Office, the number of imported cars in April was estimated at 12,500 units with a value of 244 million USD. Compared to the number of 15,860 units and a value of 330 million USD in March, imported cars in April decreased by 21.2% in volume and 26.1% in value.

Compared to the same period in 2023, the number of imported cars in April, although still increasing slightly by 1.6% in volume, still decreased by 15.1% in value.

This shows that the recent trend of car importers is to prioritize bringing into the country cheap car models, with an average single unit value of only 19,500 USD/car (approximately 495 million VND).

The total volume of imported cars in the first 4 months of 2024 is estimated at 44,772 units with a value of 919 million USD. Compared to the same period in 2023, this figure decreased by 17.6% in volume and 24.2% in value.