Spending more than $4 billion to import automobile spare parts and components in 2020

illustration image. Source: Internet

According to the General Department of Vietnam Customs, in December 2020, the country spent $527 million to import automobile components and spare parts of all kinds, up 23.4% compared to November 2020.

Imported automobile components and spare parts have diverse origins and are mainly imported from South Korea with $154 million, up 36.2%; from Japan with $93 million, up 17%; from China with $88 million, up 16.7%; and from Thailand with $87 million, slightly up by 0.6% compared to the previous month.

Generally, automobile spare parts and components imported from the four markets mentioned above accounted for 80% of total import value of automobile components and spare parts of Vietnamese in December 2020.

For the whole year 2020, the import value of automobile components and spare parts topped $4 billion, a slight decrease of 3.8% compared to 2019.

Also in 2020, the country imported more than 100,000 complete cars of all kinds, with total turnover of $2.35 billion, down 24.5% in volume and 25.6% in turnover compared with 2019.

Thus, the import turnover of automobile components and spare parts in 2020 is $1.65 billion higher than import turnover of complete cars.