Japan, US, Thailand leading import markets of Vietnam's automotive parts, accessories and other means of vehicles
Trung Ngoc
October 21, 2017 | 06:39 PM GMT+7
Vietnam is increasing its exports of automotive parts, accessories and other means of vehicles to many countries, notably some countries with developed automobile industry such as the United States, Japan and Thailand.
A view of an automobile part plant in Vietnam. Photo: hungyenbusiness
According to the report released on October 18, 2017 by General Department of Vietnam Customs, exports of automotive parts, accessories and other means of vehicles in the first nine months of this year reached US$5.1 billion, a 16 per cent year-on-year increase.
Japan is the biggest import market with the export turnover of US$1.56 billion. The United States and Thailand are the second and third biggest markets with the export turnovers of USS$865 million and US$245 million million, respectively.
According to analysts, this indicates that in Vietnam there are also automobile part manufacturers participating in the global supply chains and these products are exported to countries with developed automobile industry. However, most of automobile part production plants in Vietnam are invested by foreign companies.
Notably, it is worried that Vietnam is spending a lot of money on importing automobiles and auto parts.
Specifically, a report of the General Statistics Office of Vietnam shows that in the first nine months of 2017, the total import turnover of cars and spare parts was estimated at over US$3.83 billion, a decrease of 12.4 per cent over the same period last year.
It is forecasted that in the last 3 months of this year, the import turnover of CBU (completely built-up) cars will continue to decrease or remain unchanged.
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