Vietnam imports record-high 173,467 vehicles in 2022

Vietnam spent $3.84 billion on importing 173,467 completely built unit (CBU) vehicles in 2022, up 5.1% and 8.5% year-on-year, respectively.

These figures indicate a new record high, according to customs authorities. Last year saw an all-time high of nearly 160,000 units.

The December figures were 21,895 units worth $431.55 million, the second-highest monthly figures in the year, only after November with 22,736 units worth $468.08 million.

Indonesia was the biggest vehicle exporter to Vietnam last year with 72,671 units worth $1.05 billion, followed by Thailand with 72,032 units worth $1.43 billion, and China with 17,340 units worth $714.5 million.

The three Asian countries accounted for 93.4% of Vietnam's vehicle import volume in 2022.

Vietnam has extended the 0% tax regime on imported cars from ASEAN nations per the ASEAN Trade in Goods Agreement (ATIGA) to 2027, according to the government’s recently-issued Decree 126/2022/ND-CP. The regime started in 2018 for CBU cars with a regional localization rate of over 40%.

Last year, Vietnam spent $5.84 billion on importing automobile components, up 18.5% year-on-year. December imports went down 6.6% to $497.71 million.