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Imported cars overwhelm domestically-assembled vehicles

by NDO13 August 2019 Last updated at 15:33 PM

Illustrative image.
Illustrative image.

VTV.vn - While sales of domestically-assembled cars has decreased by 14% in the first seven months of 2019, the complete imported cars to Vietnam shows up to 207% growth compared to the same period last year.

On August 12, Vietnam Automobile Manufacturers Association (VAMA) announced the sales of VAMA member units to have reached 26,666 vehicles, down 3% compared to June 2019.

Of the total sales, there were 19,394 touring cars, down 4%; 6,812 vans, up 2%; and 460 specialized vehicles, down 21% compared to June 2019.

Meanwhile, sales of domestically assembled cars reached 15,275 vehicles, down 5% from the previous month; Sales of complete imported cars hit 11,391 vehicles, down 0.3% from the previous month.

In general, for the first seven months of 2019, total sales of VAMA member units reached 180,490 vehicles of all kinds, up 22% compared to the same period last year. In particular, touring cars reached 132,550 vehicles, up 35%; vans reached 44,883 vehicles, down 1.5%; and specialized vehicles reached 3,507 vehicles, down 28% compared to the same period last year.

Earlier, statistics from the Import and Export Department under the Ministry of Industry and Trade showed that in the first six months of 2019, the whole country imported 75,437 cars, worth nearly US$ 1.7 billion, an increase of 511.5% in number and 411.2% in value over the same period in 2018. This number is roughly equivalent to the total import of 2018.

This year's trade deficit for the car industry is expected to reach a record of more than US $ 3.4 billion and will continue to increase in the following years due to strong domestic demand. That not only seriously affects domestic automobile production but also affects the trade balance.

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