Car imports surged in May.

It is estimated that the import volume and value of completely assembled automobiles in May 2014 will see a significant increase.

The imported car market is also becoming more active.

According to the latest report from the General Statistics Office, approximately 6,000 completely built-up (CBU) cars were imported into the country in May alone, an increase of 2,000 units compared to April. The increase in import value was slightly less significant, rising from $89 million in the previous month to $92 million.

In the first five months of this year, total automobile imports are estimated at 20,000 units and $383 million, an increase of 52.1% in volume and 45.8% in value compared to the same period last year.

Given that overall purchasing power in the Vietnamese automotive market has not yet fully recovered, this is perhaps good news for the CBU (completely built-up) vehicle segment, which typically achieves higher growth rates compared to domestically assembled vehicles.

However, the leader of a major automobile company also stated that sometimes the increase or decrease in import turnover does not fully reflect the reality of the market. This is because importers often increase contract signings when foreign car manufacturers implement promotions and stimulate demand.

The imported car market is also becoming more active. For example, at the end of May, the MINI brand will officially enter the Northern market with the opening of a distribution center in Hanoi. In early June, while the luxury brand Audi launched its new A8L large sedan, Lamborghini, the Italian supercar brand, also officially marked its presence in the Vietnamese market with the opening of a distribution center and the unveiling of its first model.

Import value of completely assembled automobiles in the last 4 months

Quantity (pieces) Value (USD)

February 2014 3,000 51,000,000

March 2014 4,000 84,000,000

April 2014 4,000 89,000,000

May 2014 (estimated) 6,000 92,000,000

May 2014 (estimated) 20,000 383,000,000

Source: General Statistics Office

According to VnEconomy