VOV.VN – Despite being an importer of car spare parts, Vietnam also earns billions of US dollars from exporting auto parts each year to the world’s leading auto powers.
According to data from the General Department of Customs, as of July 15, Vietnam raked in more than US$5.9 billion from exporting its auto parts and vehicles to foreign countries, of which auto parts accounted for US$3.7 billion.
It is worth mentioning that Vietnam is an export partner of components with many of the world’s leading auto manufacturers such as the United States, Japan, the Republic of Korea, China, Thailand and Germany.
Customs data show the first six months of the year saw the Southeast Asian nation ship more than US$1.3 billion worth of auto parts to Japan, nearly US$1.1 billion to the US, more than US$230 million to China and Thailand, more than US$330 million to the RoK, and over US$74 million to Germany.
Most of the exports were executed under outsourcing contracts between global companies and joint ventures and wholly foreign owned firms in Vietnam. Main export products included electrical equipment, tires, leather and paint which are of low added value.
Some export items such as car frames are exported to other ASEAN countries.
Meanwhile, Vietnam imports between US$4-6 billion worth of car components per year to serve domestic car manufacturing and assembling factories. The main imported items are engines, chassis, axles, paint, electrical systems, chips, and circuit boards.