Business

Automobile imports continue to climb

SGGP
According to preliminary statistics by the General Office of Vietnam Customs, imports of completely-built-unit cars in October this year increased by 50.2 percent in volume and 28.6 percent in value in comparison with the previous month with more than 16,000 cars, worth US$323.77 million.
This was the second consecutive rising month of automobile imports, raising the total number of imported cars since the beginning of this year to the end of October to above 123,000 cars, worth $2.71 billion, 2.3 times higher in both volume and value, or 131.6 percent in volume and 126.5 percent in value, over the same period last year.

Thailand, Indonesia, China and Japan continued to be the main markets from which Vietnam imported completely-built-unit cars in the first ten months of this year. Of which, imports of automobiles from Indonesia, China and Japan strongly surged.

As the wave of imported cars has flowed into the country with competitive prices, business results in October of automobile manufacturers in Vietnam have weakened, prompting car makers to lower their prices sharply in order to compete with imported cars and win back market share.

By Van Dieu – Translated by Thuy Doan

Other news