Monday , July 15 2024

Auto imports zoom to new high

Auto imports rose by 8.4% last year to a record 173,467 units, which cost US$3.84 billion according to Vietnam Customs.

The previous highest number was over 160,000 in 2021.

Indonesia and Thailand were the biggest sources of the imports last year, accounting for 41.9% and 41.5%.

China was third with 10%.

The government has issued a decree to encourage auto imports from ASEAN countries to comply with the ASEAN Trade in Goods Agreement.

From 2022 to 2027 vehicles produced within ASEAN with over 40% locally sourced components are exempt from import tax.

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