CATEGORIES

© Copyright 2004; Hanoitimes - Economic and Urban Newspaper;

The tribune of Hanoi People’s Committee

Publication Permit: 29/GP-CBC

Editor - in - Chief: Nguyen Thanh Loi

Managing Editor: Ta Thu Giang

Email : thugiang@hanoitimes.vn

Head Office: 21 Huynh Thuc Khang Street, Dong Da District, Hanoi

Branch Office: 221 Tran Phu Street, Ha Dong District, Hanoi

WORDS ON THE STREET 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
Vietnam spent US$11.7 billion importing cars
Nguyen Tung 14:17, 2018/04/26
Since 2011, Vietnam has spent more than VND256.5 trillion (US$11.6 billion) to import 528,200 cars, according to the General Department of Vietnam Customs (GDVC).
In average, Vietnam imported 75,000 cars per year, in which the number reached its peak in 2015 with 125,500 units. 
 
Vietnam spent US$11.7 billion importing cars.
Vietnam spent US$11.7 billion importing cars.
However, in 2017, the number of imported cars has been reduced to over 97,000 cars. In the first quarter of 2018, the number of completely-built-up (CBU) cars reached 4,200 units, down 85% compared to the same period of last year. 

This is opposite to previous estimations that imported cars will dominate Vietnam's market after the automobile import tariff will slip to 0% as the ASEAN trade in Goods Agreement (ATIGA) took effect in the beginning of 2018.

A slump in the number of imported cars to Vietnam in the first period of 2018 was due to the impact of the Government's Decree No.116 116 specifying the regulatory conditions and licenses for automobile manufacturing, assembling, importing, maintenance, and warranty businesses. Substantially, car importers are required to provide a type approval certificate as stipulated in the Decree No.116.

Notably, vehicles with nine seats or less accounted for 86% of total imported CBUs. However, this trend has been declining in the last two years, while the number of imported trucks is increasing. 

In 2015, the number of under-nine-seat vehicle reached a record high with 51,400 units. This number was decreased to 50,600 in 2016 and 38,800 in 2017. 

The majority of imported CBUs to Vietnam is from Korea, India, Thailand and Japan. Since 2017, the number of under-nine-seat cars from Thailand, Indonesia witnessed a sharp increase and dominating the Vietnam's market. 

In the first quarter alone, the number of under-nine-seat cars originated from Thailand is recorded at 2,900 units, accounting for 95% of the total imported cars.

Car sales in March are reported at 21,127 units, including 12,858 passenger cars, 6,949 commercial cars and 1,320 special-purpose cars, according to sales report of the Vietnam Automobile Manufacturers' Association (VAMA).

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, the General Statistics Office forecasted. 
Comments
Other news
18:45, 2024/11/28
Vietnam, Hesse (Germany) promote high-tech cooperation
Bilateral trade between Vietnam and Hesse has reached around EUR1 billion (US$1.05 billion) annually, accounting for one-tenth of total trade between Vietnam and Germany.
15:34, 2024/11/27
Big discounts on offer at Hanoi's November Promotion Festival
The event is part of the Hanoi Concentrated Promotion Program 2024, held in May, July, and November, attracting up to 2,000 businesses.
17:23, 2024/11/26
Hanoi unveils 150 most popular Vietnamese products and services for 2024
The "Most Popular Vietnamese Products" voting program is part of the city's broader efforts to encourage the consumption of local goods.
16:50, 2024/11/23
Hanoi hosts the Vietnam Regional Specialties Fair 2024
This year's fair will contribute to the promotion of trade and the expansion of typical regional products, especially agricultural and food products that meet export standards.
14:06, 2024/11/20
Hanoi strengthens export competitiveness and trade protection measures
Hanoi will work with the Ministry of Industry and Trade to ensure that businesses and manufacturers are ready for new challenges.
10:49, 2024/11/16
US reiterates Vietnam is not manipulating currency
The US Treasury Department’s positive evaluation underscores Vietnam’s progress in balancing its economic and monetary policies while fostering strong bilateral relations with the US.