Car imports reach 5-year high

The number of imported cars with nine seats or less is expected to increase in the future — VNS Photo Doan Tung

The number of imported cars with nine seats or less accounted for 55 per cent of the total imported automobiles in last month, according to the latest report of the General Department of Viet Nam Customs.

The department said that enterprises have continued to import small and medium cars, with low prices as the reason for the trend.

In 2018, the import tax of cars will be zero per cent following a commitment with ASEAN, and the excise tax will be reduced up to 42 per cent to the current rate of 3 per cent, with cars with nine seats or less with capacity of no more than 2,000cc.

In the first 10 months of this year, Viet Nam imported some 17,500 cars that have nine seats or less from India, making up 45 per cent of total units imported, the department noted.

More than 97,000 completely built-up units (CBUs) of automobiles were imported during the first 10 months of this year valued at US$2.3 billion, an increase of 88 per cent in volume and 102 per cent in value, compared to the same period last year.

China was the largest supplier of CBUs to Viet Nam in the first 10 months of this year, with more than 21,000 units. South Korea ranked second, with some 20,800 units. Thailand and India were also major suppliers of CBUs, with some 20,300 and 17,500 units, respectively.

According to statistics from the Viet Nam Automobile Manufacture Association, as many as 22,368 cars of all types were sold in October this year, an increase of 50 per cent over the same period last year.

Car sales in the Vietnamese market have reached nearly 185,800 units so far this year, 109 per cent higher than last year's period, the association revealed./.

Source: VNS