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Friday,  Nov 24,2017,03:36 (GMT+7)

Imports of CBU vehicles tumble

Quoc Hung
Friday,  Aug 18,2017,21:33 (GMT+7)
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Imports of CBU vehicles tumble

Quoc Hung

HCMC – Vietnam saw a sharp decline in completely-built-up (CBU) auto imports from China, South Korea and India in the January-July period.

The latest data of the General Department of Vietnam Customs shows the country had imported 57,800 CBU autos worth US$1.21 billion in the year to July, respectively decreasing 4.1% and 16% compared to the same period last year.

Of the figure, up to 29,100 are vehicles of fewer than nine seats worth US$499 million, up 13.9% and 10.7% year-on-year respectively.

Tariffs on CBU autos from other ASEAN countries to Vietnam will be gradually slashed, with the tax on vehicles of less than nine seats dropping to zero next year from the current 30%. Therefore, the department predicts the number of vehicles from Thailand and Indonesia will be on the steep rise then.

In the year to July, Vietnam had imported about 21,900 units from Thailand, a 16.1% year-on-year pickup, and around 12,600 units from Indonesia, a nine-fold increase.

Meanwhile, the period saw sharp declines in auto imports from other markets outside the Association of South-East Asian Nations or ASEAN.

South Korea exported 5,400 vehicles to the country, a whopping decline of 52.6%. Similarly, the figures were 4,100 units (down 46.9%) from neighboring China and 5,200 units (down 34%) from India.

Imports of CBU autos from India in the past two months have plunged, with a mere 84 units in May and 100 in June. The main reason is that Hyundai changed its production strategy for Hyundai Grand i10 early this year. The South Korean automaker chose its Vietnamese distributor Hyundai Thanh Cong to assemble the model in Vietnam, instead of shipping them from India to Vietnam as before.

In a related development, according to the Vietnam Automobile Manufacturers Association, its members imported more than 55,900 commercial vehicles from China in the seven-month period, down 10% year-on-year, while the figure for special-use vehicles fell 18% to over 8,420 units.

Industry insiders predict the number of CBU vehicles imported from countries outside the ASEAN will decrease in the months to come.

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