Wednesday, November 22 2017

VietNamNews

Car imports rise 86 per cent over last year

Update: March, 20/2015 - 10:29

The total number of imported cars in Viet Nam as of December 15 last year was 66,025, nearly double that of 2013, which recorded 35,125 cars. — Photo baohaiquan

HA NOI (VNS) — Viet Nam spent US$133 million on importing 5,493 completely built-up (CBU) cars last month, an increase of 86 per cent in quantity and 160 per cent in value compared in the same month last year, according to the General Statistics Office.

The figure, however, was only half that of January, when Vietnamese imported 9,596 cars valued at $185.7 million. The fall was attributed to the long Tet (Lunar New Year) holiday.

However, car dealers predict that the car-import market is still on track to keep growing.

In the first two months of this year, India was the biggest exporter to Viet Nam with 4,363 units, equivalent to $25million, followed by South Korea, China and Thailand respectively.

The total number of imported cars in Viet Nam as of December 15 last year was 66,025, nearly double that of 2013, which recorded 35,125 cars.

Many dealers believe car imports will keep rising as Viet Nam reduces car-import tax to zero per cent by 2018 under the ASEAN Trade in Goods Agreement (ATIGA).

Viet Nam will cut car-import duties from ASEAN countries from 50 per cent this year to 40 per cent by 2016, 30 per cent by 2017 and to zero by 2018.

South Korea is the leading car exporter to Viet Nam. Last month, it sold 1,242 units with total revenue of $27 million.

China was second with 1,189 cars worth $47 million. The third biggest exporter was India with 1,100 cars, totalling $13 million, followed by Thailand with 1,055 cars, $17 million. — VNS

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