“Driving increasing car imports” refers to the factors or trends that are causing an increase in the number of cars being imported into a particular country. This could include factors such as a growing middle class, changes in government policies, improvements in infrastructure, and consumer preferences for foreign brands. Essentially, it refers to the various factors that are driving or contributing to the growth of the car import market.
It is could refer to the role that car imports play in driving the overall economic growth of a country. This could include factors such as creating jobs in the automotive industry, generating revenue from import taxes and fees, and promoting innovation and technological advancement in the transportation sector. In this context, “driving” could refer to the positive impact that car imports have on the economy, and how they contribute to the overall growth and development of the country.
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Vietnam’s imported car market in numbers
Even while imported automobiles are still less common than those made and assembled domestically, during the past five years, the number of imported cars has steadily climbed. Notably, with 160,000 and 173,467 units, respectively, the number of cars imported into Vietnam established back-to-back records in 2021 and 2022. Notably, Vietnam ranked as the world’s 40th largest importer of automobiles in 2021.
Auto production surges in the first and last months of the year, coinciding with major holidays like the Lunar New Year. Although there were several month-on-month decreases in 2022, overall, there was still substantial growth with an average month-on-month increase of 11.9 percent.
In 2022, 72,032 CBU vehicles were imported from Thailand, which produces the majority of cars imported into Vietnam. Vietnam imported 6,066 vehicles from Thailand in February this year, mainly consisting of 5,385 vehicles with 9 seats or less and 646 trucks.
One of the top exporters to Vietnam right now is Indonesia. Even though there are more imported automobiles than in Thailand, their value is still quite low. While Thailand’s average import price is US$20,000, Indonesia’s is only US$14,000 USD.
In February 2023, the number of specialized cars originating from China reached 566, which indicated a significant increase of 125 percent compared to the previous month. This accounted for 87 percent of the total number of specialized cars imported into Vietnam.
The future of the Vietnamese automobile market
The Vietnam Automobile Importers Association (VIVA) recently submitted a proposal to reduce the registration fee for new cars by 50 percent for imported cars. Although it will not reduce the selling price, it will help reduce the cost of getting a vehicle on the road, thereby stimulating consumer demand.
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