According to data from the General Department of Vietnam Customs, as of March 15, 2025, the export value of automotive parts and components from Vietnam reached USD 2.029 billion, double the country’s import value of USD 1.013 billion.
This means Vietnam recorded a trade surplus of USD 1 billion in the auto parts segment within just two and a half months of 2025.
1. Export Growth Driven by Electrical Wiring Sets and Tires
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In 2024, Vietnam imported auto parts worth USD 4.86 billion, while exports reached an impressive USD 10.6 billion, more than twice the import value.
The largest share of exported products continues to be electrical wiring harnesses, followed by tires, plastic components, and car seats, mainly produced by Japanese-invested joint ventures.
Meanwhile, most imported parts include exclusive or high-value components such as engines, gearboxes, circuit boards, sensors, airbags, and paint materials — items that domestic manufacturers have yet to produce locally and often benefit from import-tax exemptions.
2. Industry Structure: 2,000 Suppliers and 600,000 Jobs
According to the Industry Agency (Ministry of Industry and Trade), Vietnam currently has around 2,000 enterprisesmanufacturing automotive and motorcycle components, creating jobs for over 600,000 workers.
Among them, around 300 firms are already integrated into global supply chains.
Over the past decade, the local-sourcing rate among Japanese manufacturers in Vietnam has increased from 28% to 37%, reflecting the growing maturity of Vietnam’s parts-supply ecosystem.
Out of 350 registered automotive manufacturers and assemblers, more than 60% (214 enterprises) specialize in the production of auto parts and components.
3. Export Markets and Key Players
Vietnam currently exports automotive components to major global automotive hubs such as the United States, Japan, South Korea, Thailand, and Germany.
However, major domestic automakers including VinFast, Hyundai Thanh Cong, and Thaco still rely heavily on imported parts for assembly operations.
The leading exporters in the auto-parts category remain Japanese-invested FDI companies, such as Sumiden Vietnam, Yazaki Vietnam, and Bridgestone Vietnam — which together account for a large portion of Vietnam’s export turnover.
4. Localization Goals and the Path to 2045
Vietnam’s automotive industry aims to achieve full domestic production of engines by 2045, ensuring self-sufficiency for most vehicle types while deepening participation in global automotive value chains.
Current localization rates among leading manufacturers are as follows:
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Thaco: 15–18%
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Toyota Vietnam: 37% (for the Innova model)
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VinFast: 60% — the highest in the country
At an event held in late November 2024, VinFast announced its ambitious goal to increase localization to 84% by the end of 2026.
As Vietnam’s largest electric-vehicle manufacturer, VinFast’s drive toward higher local content is expected to significantly reduce foreign-exchange outflows and strengthen domestic industrial capacity.
Conclusion
Vietnam’s automotive parts industry is entering a phase of strong export expansion, supported by foreign-invested enterprises and growing domestic participation.
With exports exceeding USD 2 billion in less than three months, the country’s manufacturing sector is demonstrating robust competitiveness and potential for long-term growth — especially as localization and technology transfer continue to accelerate toward 2045 industrial goals.