Business

Vietnam spends $174 million on auto import per month

SGGP
Vietnam spends an average of US$174 million on importing 8,186 automobiles a month, according to the General Department of Vietnam Customs.

A customer chooses cars at Toyota Dong Saigon shop in HCMC (Photo: SGGP)

A customer chooses cars at Toyota Dong Saigon shop in HCMC (Photo: SGGP)

During the first eight months this year, the country imported 65,485 CBU (completely built up) automobiles with the total value of $1.39 billion, down 5 percent in volume and 12.8 percent in value over the same period last year.
The year on year decrease partly showed the gloomy auto market for the last months. Despite implementing a slew of discount programs, automakers have seen dropping sales because of new tax policies.
Specifically, import tariff rates of less than nine seater vehicles from ASEAN to Vietnam will reduce from 30 percent to 0 percent by 2018. Therefore, consumers have been waiting for further price drop.

By VAN DIEU – Translated by Hai Mien

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