Imports of completely built-up (CBU) vehicles into Vietnam surged by over 37% to 142,794 units in the first ten months of 2024, according to data released this week by the country’s General Department of Customs. Most of the imports were light passenger vehicles, accounting for around 82% of the total.

Separate data released by the Vietnam Automobile Manufacturers Association (VAMA) shows the country’s vehicle market began to recover in the second quarter of 2024, after eighteen months of decline, resulting in a by 7% rise to 228,968 units in the first ten months of the year. This data covers sales of locally-produced and imported vehicles by local assemblers affiliated with VAMA.

Data from the customs department shows that all CBU imports, including those by the distributors of local assemblers as well as imported brands, have gained significant market share this year. Indonesia was the largest source of CBU imports, with volumes rising by 51% to 57,963 units year-to-date, followed by Thailand which saw shipments rise by 16% to 54,481 units. Most of these imports were from Japanese manufacturers long established in the region.

Imports from China increased almost threefold to 24,613 units in the ten-month period, as more Chinese brands entered the market, according to the data.

The total value of imported vehicle and components increased by over 18% to US$6.84bn in this period.