Car imports rise 86% over last year
Vietnam spent US$133 million on importing 5,493 completely built-up (CBU) cars last month, an increase of 86% in quantity and 160% in value compared in the same month last year, according to the General Statistics Office.
The figure, however, was only half that of January, when Vietnamese imported 9,596 cars valued at US$185.7 million. The fall was attributed to the long Tet (Lunar New Year) holiday.
However, car dealers predict that the car-import market is still on track to keep growing.
In the first two months of this year, India was the biggest exporter to Vietnam with 4,363 units, equivalent to US$25million, followed by the Republic of Korea, China and Thailand, respectively.
The total number of imported cars in Vietnam by last December 15 was 66,025, nearly double that of 2013, which recorded 35,125 cars.
Many dealers believe car imports will keep rising as Vietnam reduces car-import tax to 0% by 2018 under the ASEAN Trade in Goods Agreement (ATIGA).
Vietnam will cut car-import duties from ASEAN countries from 50% this year to 40% by 2016, 30% by 2017 and to zero by 2018.
South Korea is the leading car exporter to Vietnam. Last month, it sold 1,242 units with total revenue of US$27 million.
China was second with 1,189 cars worth US$47 million. The third biggest exporter was India with 1,100 cars, totalling US$13 million, followed by Thailand with 1,055 cars, US$17 million.
However, car dealers predict that the car-import market is still on track to keep growing.
In the first two months of this year, India was the biggest exporter to Vietnam with 4,363 units, equivalent to US$25million, followed by the Republic of Korea, China and Thailand, respectively.
The total number of imported cars in Vietnam by last December 15 was 66,025, nearly double that of 2013, which recorded 35,125 cars.
Many dealers believe car imports will keep rising as Vietnam reduces car-import tax to 0% by 2018 under the ASEAN Trade in Goods Agreement (ATIGA).
Vietnam will cut car-import duties from ASEAN countries from 50% this year to 40% by 2016, 30% by 2017 and to zero by 2018.
South Korea is the leading car exporter to Vietnam. Last month, it sold 1,242 units with total revenue of US$27 million.
China was second with 1,189 cars worth US$47 million. The third biggest exporter was India with 1,100 cars, totalling US$13 million, followed by Thailand with 1,055 cars, US$17 million.