The Vietnamese auto market saw a total of over 560,000 new vehicles added in 2024, including nearly 390,000 domestically manufactured cars and more than 170,000 imported ones.

According to a recent report from the General Statistics Office, December 2024 recorded 58,511 new cars entering the market, a 16.7% decrease from the November peak of 70,255 units.

Domestic production and imports slow in December

In December, the output of domestically manufactured and assembled cars was estimated at 47,000 units, marking a 10.3% decline from November’s 52,400 units. However, this still represents a significant 51.9% increase compared to December 2023.

For the entire year, domestic production reached approximately 388,500 vehicles, a 27% rise from 2023.

Imported cars also saw a steep decline compared to the previous month. December imports totaled 11,511 vehicles, valued at $304 million, down 25.5% in volume and 19.1% in value compared to November.

Despite this monthly drop, the figures were still a remarkable 49.1% higher in volume and 72.2% higher in value compared to December 2023.

For the full year, Vietnam imported an estimated 172,240 vehicles worth $3.618 billion, marking a robust 14.7% increase in volume and a 27.6% rise in value compared to 2023.

This indicates that not only did importers bring in more vehicles in 2024, but the average value per car also rose significantly compared to the previous year.

Hoang Hiep