Have imported cars created a stir?

Recently, during a press conference, the Chairman of the Vietnam Automobile Manufacturers Association (VAWA), Mr. Metelo Arias, stated that imported vehicles are trending upwards and will increase rapidly. Of course, from a business perspective, VAMA members will have to pay attention to this phenomenon.

Over 10,000 imported cars were cleared through customs in Vietnam during the first four months of this year. This figure was only around 6,000 during the same period last year. This alone is enough to prove what the VAMA Chairman said. However, according to industry insiders, this growth rate is due to the large number of cars imported previously that are now being cleared through customs. Imported cars have been a popular choice for consumers for many years, not just recently, but for many years now. This is most evident in the luxury and super luxury car segments.

While brands like Toyota, Ford, and Truong Hai... lack products to meet market demand, models from Porsche, BMW, Audi, and Range Rover are increasingly popular among wealthy individuals who want to own prestigious vehicles to showcase their status.

However, not many people can afford to buy luxury and super luxury cars. Therefore, car models priced under 1 billion VND still dominate the market in Vietnam.

Comparing growth rates, or using percentages for discussion, isn't quite accurate because a 100% increase in a few thousand imported cars is nothing compared to the tens of percent increase in hundreds of thousands of domestically produced cars.

The main concern for domestic car manufacturers now is not the import of luxury cars, but rather the import of regular cars. This is because it will put pressure on them when import tariffs on cars from ASEAN countries are reduced to the maximum level according to the agreement since Vietnam joined the WTO.

According to VnEconomy