70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Trade - Service
Car sales in Vietnam up 26% in June
Hai Yen 19:30, 2020/07/13
Vietnam imported 39,000 cars worth US$879 million in the first half of the year, down 47% year-on-year in volume and 47.7% in value.

The number of cars sold in Vietnam increased sharply by 26% month-on-month to 24,002 in June, after surging 62% in May, according to monthly data from the Vietnam Automobile Manufacturers Association (VAMA). 

 Number of car sales in six-month period. Source: VAMA. 

The volume included 17,584 passenger cars, up 35% month-on-month; 6,109 commercial cars, up 5%; and 309 special-purpose vehicles, up 18%. 
The sales volume of locally assembled cars in June was 15,874 units, up 43% month-on-month, and that of imported cars was 8,155, up 21%.

Overall, car sales in Vietnam in the January–June period dropped 31% year-on-year to 107,183 units across all segments. Upon breaking down, 76,682 were passenger cars, down 32% year-on-year; 28,688 were commercial vehicles, down 25%; and 1,813 were special-purpose vehicles, down 40%. 

Sales of domestically assembled cars reached 67,516 units during the period, down 43% compared to the same period of last year, while imported completely-built-units (CBUs) totaled 39,667 units, down 21%. 

   Sales of imported cars down 21% year-on-year in January - June. Source: VAMA. 

Prime Minister Nguyen Xuan Phuc’s decision to slash the registration fee for domestically-produced cars by 50%, effective from June 28, is set to further boost sales of made-in-Vietnam cars in the two remaining quarters of this year.

Additionally, the deadline for payment of excise taxes for domestically-produced/assembled cars has been delayed until late 2020. The government said it would consider adjustments to the current excise tax policy to support domestic production.

From July 10, 2020, the government’s Decree No.57 amending and supplementing Decree No. 122, allows domestic assembling companies (meeting standards) to be entitled with 0% import tariff on raw materials, components and supplies which cannot be produced locally. The move is set to reduce production costs by 2-5%, so that selling prices can be consequently lowered in order to boost demand.

Statistics from the General Department of Vietnam Customs (GDVC) revealed in the first half of the year, Vietnam imported 39,000 cars worth US$879 million, down 47% year-on-year in volume and 47.7% in value.

In June, the number of imported cars declined 44.5% month-on-month to 3,000 units worth US$68 million, down 37.4% in value.

RELATED NEWS
TAG: Vietnam car sales domestic cars imports automobile assemblers June VAMA GDVC customs
Other news
16:17, 2024/07/17
Vietnam’s stock market set for strong year-end growth
The projected P/E ratio for the VN-Index this year is 11.5, below the 5-year average of 13.4, potential for the benchmark to rise in the second half of the year and 2025.
09:56, 2024/07/17
Hanoi ramps up food safety inspections, identifying and rectifying violations
The city's health department will continue to carry out regular, specialized and random inspections.
16:37, 2024/07/16
Vietnam under pressure to achieve high growth in 2024-2025
The Government's best-case growth scenario for 2024 is 6.5-7%, higher than the goals set by the National Assembly and forecasts by international organizations.
17:07, 2024/07/15
Early warnings help Vietnam mitigate trade probe impacts
In the first six months, Vietnamese exports were the target of 252 trade remedy investigations from 24 markets, a 9% increase of 21 cases compared to the same period in 2023.
09:44, 2024/07/14
Hanoi's key industries in high recruitment demand
The city aims to help 165,000 people get hired this year.
18:11, 2024/07/13
Continued political trust building between Vietnam and Cambodia
Both countries are committed to deepening defense and security cooperation, emphasizing the principle of not allowing hostile forces to use each other's territory to the detriment of the other.