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Vietnamese spend $1.9 bln on imported cars

Vietnamese spend $1.9 bln on imported cars

Vietnam had imported over 86,000 completely built-up (CBU) automobiles worth almost $1.9 billion as of November 15, according to Vietnam Customs. – VnExpress International

Vietnamese spend $1.9 bln on imported cars

Imported cars line up at a showroom in Ho Chi Minh City. Photo by VnExpress/Thanh Nhan.

It said $3.2 billion worth of automotive parts were imported during the same period.

The combined spending of nearly $5.1 billion on importing automobiles and spare parts marks a year-on-year reduction of $1.3 billion, owing to Covid-19 impacts.

A significant increase in car imports had been seen in recent months, with over 10,300 units in October, 9,700 units in September and 6,100 units in August. The first half of November saw the import of 6,227 units valued at over $135 million.

This is a signal for car importers to kickstart sales campaigns for the year-end season, industry insiders said.

Most of car imports are from Thailand and Indonesia, at an average price range of VND350 million ($15,000) to VND 1.2 billion ($51,700).

Experts have said that the scale of manufacturing, tax exemptions and affordable auto models are elements that have allowed these nations to acquire large market shares in Vietnam.

Vietnam had imported over 140,000 CBU units worth $3.1 billion last year.

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