AUTO IMPORTS SURGE IN JAN-OCT

Imported autos on display at a local showroom - PHOTO: ARCHIVES

HCMC – Vietnam imported 16,343 automobiles in October, down 5.5% from September, but total imports in the first 10 months climbed to 171,364 units, up around 20% year-on-year, data from the General Department of Vietnam Customs showed.

The import value of automobiles reached nearly US$4 billion in the January-October period, the highest level in three years.

According to the Vietnam Automobile Manufacturers’ Association (VAMA), total vehicle sales in October stood at 37,910 units.

Passenger cars made up the bulk with 27,246 units, up 33% from the previous month. Locally assembled vehicles accounted for 17,129 units, up 19%, while fully built-up imports reached 20,781 units, a 28% spike. SUVs, sedans and MPVs remained the most popular segments.

As Vietnamese buyers are increasingly opting for imported cars, automakers from Japan, South Korea, Europe and China have rolled out new SUVs and crossovers to capture growing demand.

The segment of electric vehicles (EVs) and hybrids is also gaining traction.

VAMA said combined sales of these greener models had reached 9,798 units in the year to October, with hybrid sales surging 73% from a year earlier.

Source: The Saigon Times