Vietnam imported 6,633 completely built-up (CBU) cars from China in the first four months, a 480 percent surge over the same period last year.
Industry insiders explain the increasing popularity of cars imported from China to good designs and modern features.
Despite the major increase, however, China remained the third-largest CBU car supplier for Vietnam in the first four months behind Thailand and Indonesia.
Thailand dominated auto imports with 25,732 vehicles, a 74 percent year-on-year increase, according to the General Department of Vietnam Customs. It was followed by Indonesia with 13,873 units, up 4.7 percent.
The two countries together accounted for 79 percent of April’s CBU imports.
Thailand and Indonesia have led the list of Vietnam’s car suppliers ever since the ASEAN Trade in Goods Agreement (ATIGA) took effect in 2018, owing to the zero import tariffs.
Vietnam’s total car imports in the first four months marked a 56.5 percent year-on-year growth at 50,161 vehicles.
The nation’s auto sales in the first four months surged 58 percent year-on-year to 101,309 units, signaling a recovery from last year’s pandemic blows.
