Car imports up in November

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The month saw increases of 45 million USD in value and 1,000 units in volume in comparison with figures of the previous month.

GSO said import volume in September and October was 6,000 units per month – the lowest record in the last two years, with values of 155 million USD and 165 million USD, respectively.

Illustrative image. (Photo: CafeF)

The recovery of import turnover of CBU cars in November is mainly attributed to the demand for cars at the end of the year ahead of Tet (Lunar New Year). At the same time, this is also the time when many auto firms complete signed contracts with foreign partners to ship cars to Vietnam.

In fact, the market has not shown promising signs for car imports because consumers are still waiting until January 1, 2018, to buy cars imported from Thailand and Indonesia at lower prices once the import tax is reduced to zero percent in the ASEAN bloc.

Auto importers have suffered from Government’s Decree 125, which includes a group of auto parts not yet produced domestically on the list of goods enjoying tax incentives at the rate of zero percent.

As soon as Decree 125 comes into force on January 1, 2018, some domestic automobile manufacturers and assemblers, such as Truong Hai Auto Corporation (Thaco) and Thanh Cong Hyundai, reduced the retail price of automobiles by between three percent and five percent.

According to GSO, total import of CBU cars in the 11 months of this year is estimated at 84,000 units, worth over 1.9 billion USD, down 14.7 percent in volume and 11.4 percent year-on-year.

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