The Hyundai Palisade, a popular choice for families and adventure seekers, marks a significant milestone as the first domestically assembled passenger vehicle exported from Vietnam to Thailand.
Hyundai Thanh Cong recently announced the export of a batch of 110 Palisade SUVs to Thailand, a notable achievement as it represents the first time a Vietnamese company has ventured into exporting automobiles to the Thai market. The company aims to export approximately 4,000 vehicles to Thailand during the 2024-2025 period.
In contrast, Thailand has been a prominent supplier of imported automobiles to Vietnam for several years, with annual imports reaching tens of thousands of vehicles valued at billions of USD.
Among the 11 countries and territories from which Vietnam sources completely built-up (CBU) imports, Thailand consistently ranks at the top for automotive imports.
According to statistics from the General Department of Vietnam Customs, in September 2024, Vietnam imported 8,479 CBU vehicles from Thailand, valued at 166 million USD. For the first nine months of 2024, Vietnam’s imports from Thailand totaled 47,580 vehicles, valued at 923 million USD, reflecting an increase of 11% in volume and 4.3% in value compared to the same period last year.
In 2023, Thailand’s automotive exports to Vietnam reached 53,942 units, with a trade value of over 1.14 billion USD. The volume of imports from Thailand accounted for 45.35% of Vietnam’s total CBU imports, while the value accounted for 40.46%. The average value per imported vehicle from Thailand was approximately 21,100 USD (equivalent to 530 million VND).
Looking back at the past five years, Thailand has consistently held the top position in terms of CBU import volume, and the trade value has always exceeded 1 billion USD. In 2022, Thailand ranked second in terms of volume after Indonesia but maintained the highest trade value.
Thai-imported vehicles have gained significant popularity among Vietnamese consumers, with models such as the Toyota Corolla Cross, Camry, and Corolla Altis, along with the Honda HR-V, Civic, and Accord, and the Ford Everest and Forester Subaru, being well-received in the market. Many of these models consistently achieve high sales figures and are often among the top-selling vehicles in the country.
The competitive pricing of automobiles imported from Thailand is a significant advantage. All vehicles imported from this source that meet the localization requirements benefit from a zero percent import tax rate as stipulated by the ASEAN Trade in Goods Agreement (ATIGA), which came into effect on January 1, 2018.
Consequently, since the reduction of import taxes on CBU vehicles from Southeast Asian countries to zero percent, numerous automotive brands have shifted their focus to importing from Thailand rather than continuing local assembly, effectively transforming the Vietnamese market into a consumption hub for these products.
Thailand is often referred to as the “Detroit of Southeast Asia,” serving as a manufacturing, assembly, and export hub for the global market. The country’s scale advantages result in significantly lower prices for vehicles produced in Thai factories, making it challenging for other assembly markets to compete on price. Additionally, the Thai government has implemented various measures to support the export-oriented automotive industry, further enhancing the cost advantages for brands importing from Thailand.
The majority of vehicles imported from Thailand bear renowned Japanese brand names, which align with the preferences of Vietnamese consumers. In contrast, most vehicles carrying Korean brands continue to be manufactured and assembled within Vietnam. As a result, foreign automotive manufacturers in Vietnam, including Toyota, Honda, and Ford, favor importing CBU vehicles from Thailand.
The Ultimate Hyundai Palisade: A Steal Deal at your Local Dealer – Massive Savings of 150 million with the Cheapest Option Now at 1.345 billion, Undercutting the Fortuner and Rivaling the Santa Fe.
This is the deepest cash discount ever offered during the ‘warehouse clearance’ sale of the 2023 Hyundai Palisade.
Hyundai’s All-New Palisade Debuts: Boxy Like The Santa Fe, Redesigned Inside And Out, Will Challenge Teramont, Explorer
The new generation of Hyundai Palisade promises a lot of changes with a design that closely follows its “younger brother” Santa Fe.
Many SUV models in Vietnam are heavily discounted
In March, a wide range of high-riding SUVs and crossovers in the Vietnamese market are offering substantial discounts. Popular models like the Ford Explorer, Hyundai Palisade, and Toyota Fortuner are among the vehicles that have seen significant price reductions.
7-Seater SUV Clearance Sale: Up to 440 Million VND Off, Many Models Still a Dream for Vietnamese People
To avoid inventory buildup, many car manufacturers and dealers are offering promotions for various 7-seater SUV models on the market. In fact, some models have discounts of up to millions of Vietnamese dong.
Hyundai Palisade on sale with nearly 90 million discount at the dealership: Base model now under 1.4 billion, challenging Santa Fe, giving a tough time to Explorer.
The standard version of the Hyundai Palisade is currently offering the biggest discount, giving it a significant price advantage compared to other vehicles in its segment such as the Explorer or Teramont.
