Car imports in the first five months have nearly equaled 8/10 of last year's total.

Approximately 45,000 complete automobiles were imported in the first five months of 2015, reaching a value of over $1.2 billion...

Two famous muscle car models, the Ford Mustang and Chevrolet Camaro, have just been imported to Vietnam - Photo: Otosaigon.com.

According to a report from the General Statistics Office (Ministry of Planning and Investment), an estimated 45,000 completely built-up (CBU) automobiles were imported into the country in the first five months of 2015, reaching a value of over 1.2 billion USD.

Thus, in just the first five months of 2015, the import value of completely built-up (CBU) automobiles nearly reached the total import value of the entire previous year, both in terms of quantity and value. Specifically, the total import value of CBU automobiles in 2014 reached 72,000 units and $1.57 billion.

According to the General Statistics Office, the import value of CBU (completely built-up) automobiles in the first five months of this year increased by 125.3% in volume and 185.7% in value compared to the same period last year. This growth rate was not unexpected, as the demand for automobiles continues to show strong market demand.

In May 2015 alone, the number of CBU (completely built-up) cars imported into the country was estimated at 10,000 units and $337 million, equivalent to the previous month in terms of quantity but an increase of $43 million in value. This is also the highest import value since the beginning of 2014.

It is quite clear that in recent months, although the number of imported automobiles has not increased significantly each month, the value has increased at a dizzying pace. This phenomenon can be explained by the consecutive record-breaking imports of trucks and specialized vehicles, primarily those originating from China.

The rapidly and continuously growing imported car market across almost all product segments is clearly putting strong pressure on the domestic automobile manufacturing and assembly industry. Given this reality, many argue that policies need to be urgently refined and implemented more decisively, otherwise the new phase of the automotive industry strategy will continue down the same dead end that the previous strategy encountered.

Import value of completely assembled automobiles in the last 4 months

Quantity (pieces) Value (USD)

February 20155,000 133,000,000

March 201510,000 270,000,000

April 201510,000 294,000,000

May 2015 (estimated)10,000 337,000,000

2015 (estimated)45,000 1,217,000,000

According to VnEconomy