Priced at 308 million VND, vehicles with fewer than 9 seats are 'setting the market on fire'.

As of February 15th, the category of vehicles with fewer than 9 seats had the highest import volume with 7,883 units, reaching a total value of 131.4 million USD (on average, each vehicle cost approximately 308 million VND).

Imports of passenger cars with fewer than nine seats have surged due to reduced taxes.

Of the 12,042 completely assembled cars imported into Vietnam recently, the category of vehicles with fewer than 9 seats accounted for the largest number, with 7,883 units, totaling $131.4 million (on average, each vehicle cost approximately VND 308 million).

Coming in second is the truck category, with 3,703 units worth $77.6 million, according to statistics released by the General Department of Customs as of February 15th.

Meanwhile, at this time last year, the market for vehicles with fewer than nine seats reached a total value of $131.4 million, while the truck market reached $77.6 million.

The import structure has changed dramatically, with the number of completely assembled cars with fewer than 9 seats exceeding the same period last year by 5,100 vehicles, equivalent to a growth rate of 183%.

In terms of value, this vehicle line achieved $131.4 million, an increase of $72.9 million compared to the same period last year, equivalent to a growth rate of nearly 125%.

On average since the beginning of the year, each imported vehicle with fewer than 9 seats has a price of 16,668 USD/vehicle (excluding taxes), a decrease of 4,671 USD/vehicle compared to the same period last year, equivalent to a 22.7% reduction (the price in the same period was 21,0202 USD/vehicle).

Thailand, Indonesia, and India are the three markets with the highest number of vehicles, with 2,605, 1,823, and 1,006 vehicles respectively.

Thailand ranked first with a trade value of US$51.741 million, followed by Indonesia with US$35.478 million, and South Korea in third place with a trade value of US$14 million.

Regarding average import prices excluding taxes, there are three markets with import prices of $50,000 per vehicle or more: France ($957,000 per vehicle), Germany ($52,219 per vehicle), and the UK ($50,000 per vehicle).

According to Vietnamnet