According to updated statistics from General Department of Customs, in September, Vietnam's export of means of transport and spare parts reached nearly 1.1 billion USD, down 17.8% compared to the previous month and down 9.5% compared to September 2023.
However, in the first 9 months of 2024, Vietnam's revenue from this group of goods still increased by 3.8%, reaching more than 11 billion USD, entering the top 10 items with a turnover of more than 10 billion USD in the 3 quarters of 2024. Vietnam's major import markets are countries with the world's leading automobile industries such as the United States, Japan, Korea, Thailand, Germany, etc.
The United States was Vietnam's largest export market in the first 9 months of this year with a turnover of 2.4 billion USD, up 15.7% over the same period. This market accounted for nearly 22% of total export turnover of the group of means of transport and spare parts in the first 9 months of 2024.
The second largest export market is Japan. Specifically, in September, Vietnam exported more than 231 million USD. In the first 9 months of the year, this market spent 2.18 billion USD to import this group of goods, up 1.96% over the same period in 2023, accounting for 20%.
Korea is the third largest export market for this group of goods. In September, Vietnam earned 106 million USD. In the first 9 months, Vietnam exported more than 1.14 billion USD to this market, up 20% over the same period last year, accounting for about 10%.
In addition to the three main markets, many markets also recorded a surge in growth in the first 5 months of the year, such as Egypt (160%), Australia (69.3%), Spain (792%), etc. Technology and automobile companies around the world are increasingly confident in quality of components,
Although global automobile industry is facing difficulties, export of spare parts from Vietnam is still increasing, showing Vietnam's position in the world automobile production chain.
The reason is a shift in global supply chain to reduce dependence on China. According to statistics, Vietnam has about 2,000 enterprises producing components, creating jobs for more than 600,000 people, of which about 300 enterprises participate in global supply chain. Proportion of components purchased by Japanese companies in Vietnam has increased from 28% to 37% over the past 10 years (according to JETRO).
Ministry of Industry and Trade has determined that by 2045, this industry will focus on production of electric vehicles, hybrid vehicles, vehicles using renewable energy and green fuels.
By 2030, export value of means of transport and components and auto parts will reach approximately 14 billion USD. The target is to export 90,000 cars by 2035. By 2045, export value of means of transport and components and auto parts will reach approximately 36 billion USD.
Vision to 2045, continuing to develop supporting industries for automobile production, Vietnam strives to become an important supplier of many types of components and spare parts for the regional and world automobile industry. Meeting over 80 - 85% (by value) of demand for components and spare parts for domestic automobile assembly and production.

Source: Vitic/ congthuong.vn