Car imports exceeding $10.6 billion in 2025 demonstrate the strong absorption capacity of the Vietnamese market, opening up enormous potential for the development of a modern supporting industrial ecosystem.

The Vietnamese automotive market concluded 2025 with impressive figures, reflecting a spectacular recovery and double-digit growth in domestic consumer demand. This vibrancy not only demonstrates the vitality of the economy but also signals a market in the "golden" stage of car ownership.

The driving force comes from the strong absorption capacity of the domestic market.

The latest figures from the Customs Department ( Ministry of Finance ) show an optimistic growth picture. In 2025, the total value of imported complete automobiles and components reached US$10.67 billion, a sharp increase of 25.6% (equivalent to an increase of US$2.17 billion) compared to the previous year. Of this, the cost of importing automobile components and spare parts reached US$5.93 billion, an increase of 21.5%.

In December 2025 alone, imports of this product group reached US$707 million, a 24.1% increase compared to the previous month. Supply remains primarily concentrated in dynamic Asian markets such as China (US$364 million), Thailand (US$80 million), and South Korea (US$79.5 million). The simultaneous increase in both components and complete vehicles indicates that manufacturers are ramping up assembly capacity to meet the domestic consumer demand for vehicles.

Concluding 2025 with record-breaking imports, Viet Nam's automotive industry is on the verge of a new phase of development. The synergy between strong consumer demand, the determination of businesses, and astute policy will be key to transforming these multi-billion dollar figures into a sustainable growth engine for the economy in the coming years.

In a brief exchange with reporters, a representative from the Customs Department stated that this growth is clear evidence that policies to stimulate demand and stabilize the macroeconomy have been effective. The fact that businesses spent over $10 billion to import vehicles and components to serve the market shows that consumer confidence has returned strongly. This is an important foundation for shifting from imports to promoting local production now that the market size has reached its optimal level.

From the perspective of economic experts, the figure of over $10 billion in imports is seen as a "potential market segment" waiting to be explored by domestic businesses. According to economic and market expert Tran Manh Hung, the strong absorption capacity of the market in 2025 will be a "magnet" attracting investment capital into supporting industries. When the market size is large enough, multinational corporations will consider setting up component factories in Viet Nam to reduce logistics costs and take advantage of tariff preferences. "The $5.93 billion in imported components represents significant room for domestic businesses to participate in the supply chain," Mr. Hung further analyzed.

At the same time, Mr. Hung emphasized the opportunities in the green transition wave. According to him, 2025 will see a breakthrough in the growth of electric and hybrid vehicles. Although many components are still imported, this is an opportunity for Viet Nam to "leapfrog" in the field of battery and automotive electronics production. We have a market ready to spend billions of USD on new technologies. With the right incentive mechanisms, Viet Nam can absolutely become the electric vehicle manufacturing hub of the ASEAN region.

Expectations for a breakthrough from the new policy ecosystem.

To realize the dream of self-reliance in the automotive industry, supportive policies are a decisive factor. A representative from the Customs Department stated that the Ministry of Finance is actively coordinating with other ministries and agencies to finalize the legal framework, focusing on providing strong incentives for projects with high localization rates and the use of clean technologies.

Resolution No. 253/2025/QH15 on national energy development policy (effective from March 2026) and the adjustments to the Corporate Income Tax Law of 2025 are expected to create a practical financial boost. Mechanisms such as tax exemptions and reductions for green bonds or preferential interest rates will help supporting industrial enterprises reduce the burden of capital costs and confidently invest in modern production lines.

With total import turnover exceeding $10.6 billion in 2025, the Vietnamese automotive market is demonstrating unprecedented strong absorption capacity, opening up enormous potential for creating a modern supporting industrial ecosystem.

Our goal is not just assembly, but building a closed ecosystem: Green policy - Green capital - Green technology. Then, instead of flowing abroad, the $10 billion will be retained for reinvestment, creating jobs and elevating the nation's industrial standing.

Given the positive policy signals, businesses in the industry are undergoing significant shifts. A representative from an automotive assembly company shared: "The fact that import costs for components reached nearly $6 billion shows that we are still heavily dependent on foreign supply chains. However, the launch of the SHIFT (Shift Investment Towards Green Transformation) project by the Ministry of Finance on January 27th has opened up a completely new channel for accessing capital. If the risk guarantee and mixed financing mechanisms are implemented as expected, businesses will have a foundation to invest in high-tech component production lines, instead of just focusing on assembly."

Economic experts agree that the biggest challenge for businesses today remains the cost of capital and technical barriers to meeting ESG standards. When Resolution No. 253/2025/QH15 officially comes into effect, it will remove the "bottlenecks" regarding renewable energy, making it easier for automobile and component manufacturers to achieve green certification – a prerequisite for enjoying tax incentives from the 2025 Corporate Income Tax Law.

To transform billions of USD into real domestic strength, economic experts believe it is necessary to accelerate the concretization of Decision No. 21/2025/QD-TTg on the Green Classification List. The certification of green projects must be carried out synchronously and transparently, helping commercial banks confidently disburse preferential interest rate packages of 2%. This is a crucial source of vitality for supporting industrial enterprises to upgrade machinery and equipment towards modernization and emission reduction.

Furthermore, we need to establish a strong link between policy and implementation through the SHIFT project. This project should act as a "bridge" to enhance the ESG assessment capacity of Vietnamese financial institutions. When green capital flows are unlocked, domestic businesses will reduce their financial risks when participating in new areas such as battery manufacturing or charging station infrastructure.

Furthermore, inter-ministerial coordination between the Ministry of Finance, the Ministry of Industry and Trade, and the State Bank of Viet Nam is needed to perfect the competitive electricity market and the carbon trading platform. This will be a "new type of asset" that helps businesses optimize operating costs and generate revenue for reinvestment in green technologies.

With a consumer market reaching $10 billion, Viet Nam has a "golden" opportunity to build a self-reliant automotive industry. A concerted effort, from a sound legal framework to a steady flow of investment capital, will be the driving force behind the transformation from an importing nation into a crucial link in the global green automotive value chain.

Source: VTV