Businesses are afraid to import cars, car supply continues to decline

According to the latest report from the General Statistics Office, an estimated total of about 37,000 new cars were added to the Vietnamese market in May. Compared to the figures recorded in the previous reporting period, the supply of cars to the Vietnamese market recorded a decrease of 4.5%.

It is estimated that the number of imported cars in May will be lower than the previous reporting period. Photo: TT

Of these, the number of completely built-up cars imported into Vietnam is estimated to have reached only 10,000 vehicles with a turnover value of 270 million USD in May. Since the beginning of the year, it is estimated that this will be the lowest import volume of the group of completely built-up cars.

Previously, a report from the General Department of Customs showed that the total number of completely built-up cars completing import procedures into Vietnam in April reached 12,323 vehicles with a turnover value of 288 million USD.

Thus, according to estimates from the General Statistics Office, imported cars in May decreased by 18.9% in volume and 6.3% lower in value compared to the previous reporting period.

Compared to the same period last year, imported cars in the middle of the second quarter recorded a decrease of 27.5% in quantity and 25.9% lower in value.

It is estimated that in the first 5 months of the year, the total number of cars registered for import declaration at Vietnamese ports was 64,344 vehicles with a total turnover of nearly 1.5 billion USD. Thanks to relatively strong import activities in the first quarter of the year, the estimated cumulative number of imported cars up to the end of May still increased by 26.7% in quantity and 16.4% in value compared to the same period last year.

In the assembled vehicle group, output in May according to the General Statistics Office's estimate was 27,000 vehicles, a slight increase of about 2.2% compared to April but only equivalent to 67.4% compared to the same period last year.

After the first 5 months of the year, Vietnam's total domestic automobile output is estimated at 133,600 vehicles, down 24% over the same period in 2022.

Most likely, the number of imported cars as well as domestically assembled cars are showing signs of slowing down due to the impact of declining sales of the Vietnamese auto market in the first month of the second quarter.

Accordingly, the Vietnamese auto market, which had just shown signs of warming up in the second half of the first quarter, soon turned around and saw a sharp decline in sales in April.

According to a report by the Vietnam Automobile Manufacturers Association (VAMA), total sales of the entire Vietnamese automobile market in April were 22,409 vehicles, down 25% compared to March and 47% lower than the same period last year.

Since the beginning of the year, domestically assembled car sales have reached 50,017 vehicles, down 39% compared to the same period in 2022. Although imported cars have decreased in sales by 16%, they have only sold 42,784 vehicles since the beginning of the year.

(Source: Zing News)

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Source: https://vtc.vn/doanh-nghiep-ngai-nhap-xe-nguon-cung-oto-tiep-tuc-sut-giam-ar786257.html