November import of cars increases

10:46 | 13/12/2016 Car & Motor

Vietnamese auto businesses spent US$174 million to import some 10,000 complete built up (CBU) units in November, an increase of 1,000 units and $12 million in comparison with the previous month.

A corner of import car exhibition in HCM City - Photo news.zing.vn

A report from the General Office of Statistics (GOS) revealed that some 97,000 cars were shipped to Viet Nam during the January-November period, with the total value at nearly $2 billion. The figures marked a year-on-year decrease of 12.9 per cent in volume and 19.6 per cent in value.

The decrease in total value is said to be a result of the adjustment of special consumption tax early this year. As of January 1, the special consumption tax on imported cars is calculated keeping in mind their cost, insurance and freight value, plus current import tariff.

Seven months later, the tax witnessed another adjustment as it was significantly increased by between 60 per cent and 150 per cent of the car value on vehicles with high engine displacement.

With the decrease in both volume and value in the first eleven months of this year, total import value this year will definitely be lower than the previous year.

The country last year saw 126,403 imported CBUs, with the value of more than $3 billion, according to the GOS.

Theo VNS