1. Sector Overview
2. Recent Happings

A. Sector Overview

VIETNAM'S AUTOMOTIVE IMPORT AND EXPORT PERFORMANCE: A COMPREHENSIVE VIEW

Vietnam's automotive industry has exhibited a dynamic interplay between imports and exports, reflecting the nation's growing role in the global automotive supply chain.

Export Growth: A Rising Player in Automotive Components

• Consistent Growth: Vietnam's export of transportation vehicles and components consistently surpasses $1 billion monthly, with double-digit growth rates.
• October 2024 Highlights:
  • Export value: $1.34 billion, a 22.6% increase compared to the previous month and a 14% year-on-year growth.
  • Cumulative exports for the first 10 months: $12.5 billion, averaging $1.25 billion monthly.
• Key Export Markets:
  • USA: The largest importer of Vietnam's automotive parts, accounting for $2.67 billion (24% of total exports), with a growth rate of 12.7%.
  • Japan: Second-largest market, importing $2.46 billion (22% of total exports).
  • South Korea: Third-largest market, with $1.32 billion (12% of total exports), reflecting a 26% year-on-year growth.
• Strategic Role in Supply Chain: The shift in global supply chains away from China has enhanced Vietnam's position as a reliable supplier of automotive parts. The nation now boasts approximately 300 enterprises integrated into global supply chains.

Import Trends: Meeting Domestic Demand

• October 2024 Import Value: Automotive imports reached $375.9 million, reflecting a slight increase of 0.8% from the previous month.
• Imported Vehicle Categories:
  • Passenger cars (under 9 seats): The majority, with 83.2% of total imported vehicles in October 2024.
  • Trucks and specialized vehicles: Complementing the demand for diverse automotive needs.
• Major Import Sources:
  • Indonesia: Top exporter to Vietnam, supplying 7,350 vehicles in October, an 8% increase from the previous month.
  • Thailand: Contributed 5,664 vehicles but marked a 17.2% decline.
  • China: Notably increased imports, delivering 3,769 vehicles, a significant 44% growth.

B. Recent Happenings

FIRST AUTO FACTORY IN QUANG NINH TO LAUNCH IN Q1 2025

The Thành Công Việt Hưng Auto Factory, developed by Thành Công Group, is nearing completion after two years of construction in Việt Hưng Ward, Hạ Long City. Spanning 36.5 hectares, the facility will assemble Skoda SUVs and B-segment Sedans through a partnership with the Czech automaker.