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Home / Economy / Trade - Service
Sharp increase of imported cars in March
Nguyen Tung 16:48, 2018/03/30
Vietnam has imported 5,000 completely built units (CBU) in March, 25 times higher than the previous month, according to the General Statistics Office (GSO).
For an average price of VND525 million (US$23,000) for each unit, the said amount of imported CBUs worth US$115 million.
 
From April onwards, it is expected that the number of imported cars from Thailand and Indonesia will be growing.
From April onwards, it is expected that the number of imported cars from Thailand and Indonesia will be growing.
Comparing to previous months, the imported cars to Vietnam has increased 25 times higher and 8.2 times in value, while the imported car numbers in January and February were 340 and 200, respectively.

Consequently, the accumulated import turnover of CBUs since January is US$150 million for 5,600 units. 

The sharp increase of imported CBUs to Vietnam was thanks to car importers' completion of the vehicle type approval (VTA) in accordance to the Decree No.116, informed GSO.

Heated discussions took place in last February at a meeting between representatives from foreign automobile manufacturers and domestic companies on Decree No.116, specifying the regulatory conditions and licenses for automobile manufacturing, assembling, importing, maintenance, and warranty businesses.

At the meeting, foreign companies expressed concern over the Decree's incompatibility with international practices, which they claim interrupts business and has a negative effect on car imports. 

Domestic companies, however, claimed the Decree will create fair competition between automobile manufacturers and importers, while at the same time ensuring environmental protection and the safety of customers.

The Government Office on March 16 released instruction of the Deputy Prime Minister Trinh Dinh Dung, stressing the government guarantees fair treatment for car manufacturers and assemblers, regardless of whether they are domestic or foreign enterprises. The ultimate goal, thus, is the development of the Vietnamese automobile industry, meeting the market demand and contributing to the country's socioeconomic development. 

From April onwards, it is expected that the number of imported cars from Thailand and Indonesia will be growing, resulting in the increasing in import turnover in the coming months, GSO forecasted. 

Last year, a total of 272,750 units were sold, down 10% on-year, informed Vietnam Automobile Manufacturers' Association. The sales of passenger cars and commercial and special-use vehicles decreased by 15, 2, and 12%, respectively. 

The falling sales were attributed to consumers' waiting for a decrease in automobile prices in early 2018 when the automobile import tariff will slip to 0% as the ASEAN trade in Goods Agreement (ATIGA) took effect in the beginning of 2018.
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