Vietnam imports record-high 173,467 vehicles in 2022

By Tri Duc
Thu, January 12, 2023 | 8:12 am GMT+7

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.

Imported cars at a seaport in Hai Phong city, northern Vietnam. Photo courtesy of Transport newspaper.

Imported cars at a seaport in Hai Phong city, northern Vietnam. Photo courtesy of Transport newspaper.

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.

chart-172951.jpg

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.

Comments (0)
  • Read More
Germany’s PNE opens rep office for $4.6 bln offshore wind project in central Vietnam

Germany’s PNE opens rep office for $4.6 bln offshore wind project in central Vietnam

Germany’s PNE AG, a leading developer of renewable energy projects, has shown its determination to proceed with a mega offshore wind power project in central Vietnam by opening a representative office there.

Energy - Thu, October 31, 2024 | 2:43 pm GMT+7

Saudi Arabian energy giant ACWA Power ready to invest $5 bln in Vietnam

Saudi Arabian energy giant ACWA Power ready to invest $5 bln in Vietnam

Saudi Arabian private energy giant ACWA Power stands ready to invest up to $5 billion in Vietnam, a senior executive said Wednesday.

Industries - Thu, October 31, 2024 | 2:39 pm GMT+7

Effective M&A deal depends on thorough understanding, value addition potential: Kido exec

Effective M&A deal depends on thorough understanding, value addition potential: Kido exec

An effective M&A transaction depends on fully understanding the company being acquired in order to create added value, says Kido Group CEO Tran Le Nguyen.

Companies - Thu, October 31, 2024 | 1:22 pm GMT+7

No budget apartments in Vietnam, chronic supply-demand gap widens

No budget apartments in Vietnam, chronic supply-demand gap widens

Vietnam saw no supply or transaction of low-cost apartments priced below VND25 million ($988) per square meter in the third quarter, says a real estate report by the Ministry of Construction.

Real Estate - Thu, October 31, 2024 | 1:10 pm GMT+7

Vietnam steel major SMC remains bogged down with difficulties

Vietnam steel major SMC remains bogged down with difficulties

Steel manufacturer SMC Trading Investment JSC has been actively selling assets to generate cash for debt repayment and maintain operations since the beginning of this year.

Companies - Thu, October 31, 2024 | 10:41 am GMT+7

Vinhomes’ earnings fall 39% to $777 mln in Jan-Sep

Vinhomes’ earnings fall 39% to $777 mln in Jan-Sep

Vinhomes, the largest residential housing developer in Vietnam, booked a net profit of VND19,642 billion ($777 million) in the first three quarters this year, down 39.2% year-on-year.

Companies - Thu, October 31, 2024 | 9:58 am GMT+7

AI cannot replace customer service staff: MoMo exec

AI cannot replace customer service staff: MoMo exec

AI cannot replace customer service staff, but it can give them more time to prepare and provide better care for customers, says Thai Tri Hung, senior deputy general director and chief technology officer of e-wallet app MoMo.

Companies - Thu, October 31, 2024 | 8:11 am GMT+7

Vietnam property developer Novaland posts skyrocketing Q3 profit

Vietnam property developer Novaland posts skyrocketing Q3 profit

Novaland, a leading real estate developer in Vietnam, reported its after-tax profit hit VND2.95 trillion ($166.62 million) in the third quarter of this year, a 21.6-fold rise year-on-year.

Companies - Wed, October 30, 2024 | 10:59 pm GMT+7

Thailand fruit prices increase at the end of successful season

Thailand fruit prices increase at the end of successful season

Thailand’s fruit season is wrapping up this year with a notable surge in prices for durian, mangosteen, rambutan, longkong, and mango.

Southeast Asia - Wed, October 30, 2024 | 10:30 pm GMT+7

BlackBerry launches regional cybersecurity headquarters in Malaysia

BlackBerry launches regional cybersecurity headquarters in Malaysia

Canada-based BlackBerry Ltd has established an Asia Pacific regional headquarters for its cybersecurity division in Cyberjaya, Malaysia, which is now fully operational.

Southeast Asia - Wed, October 30, 2024 | 10:27 pm GMT+7

Malaysia faces rising cybersecurity threats

Malaysia faces rising cybersecurity threats

Malaysian users are facing a high level of cyber threats, which may coincide with the rapid expansion of data centers in the country.

Southeast Asia - Wed, October 30, 2024 | 10:24 pm GMT+7

Indonesia to develop 3 million more hectares of rice fields

Indonesia to develop 3 million more hectares of rice fields

The Indonesian government is working to implement a program to develop 3 million hectares of new rice fields to strengthen the country's food resilience amid global challenges and increasing population demands, national news agency Antara reported.

Southeast Asia - Wed, October 30, 2024 | 9:24 pm GMT+7

Singapore’s digital economy thriving

Singapore’s digital economy thriving

Singapore’s digital economy accounted for 17.7% of the island state's GDP in 2023, up from 17.3% in the previous year, according to its Infocomm Media Development Authority (IMDA).

Southeast Asia - Wed, October 30, 2024 | 9:21 pm GMT+7

Viettel, UAE’s Presight to boost Applied AI, digital transformation in Vietnam

Viettel, UAE’s Presight to boost Applied AI, digital transformation in Vietnam

Vietnam’s Viettel AI and the UAE’s Presight have agreed to jointly advance the development of Applied AI and digital transformation initiatives in Vietnam.

Companies - Wed, October 30, 2024 | 8:30 pm GMT+7

Vietnam utility EVN to build $277 mln transmission line to import power from China

Vietnam utility EVN to build $277 mln transmission line to import power from China

State utility Vietnam Electricity (EVN) has got the go head to build the VND7,010 billion ($277.2 million), 500 kV Lao Cai-Vinh Yen line for transmission in the northwestern region and to import power from China.

Energy - Wed, October 30, 2024 | 8:09 pm GMT+7

Jack Ma-invested fund unloads Vietnam holdings worth $130 mln in Q3

Jack Ma-invested fund unloads Vietnam holdings worth $130 mln in Q3

China’s Tianhong Vietnam Market Stock Initiated Securities Investment Fund (QDII) saw outflows of around RMB930 million ($130.4 million) in the July-September quarter.

Finance - Wed, October 30, 2024 | 4:53 pm GMT+7