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Friday,  Dec 15,2017,22:38 (GMT+7)

CBU auto imports may exceed US$2 billion this year

Hung Le
Tuesday,  Dec 5,2017,23:45 (GMT+7)
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CBU auto imports may exceed US$2 billion this year

Hung Le

Models stand next to an imported car on display at the Vietnam Motor Show 2017 which took place in August this year. Vietnam may spend more than US$2 billion importing completely-built-up (CBU) autos this year - PHOTO: TL

HCMC – Vietnam spent more than US$1.9 billion importing 84,000 completely-built-up (CBU) autos in the first 11 months of the year and the number may exceed US$2 billion in all of 2017, according to data of the General Statistics Office.

Some 7,000 CBU autos valued at US$200 million were imported last month, up 1,000 units and US$35-45 million over each of two previous months. Vietnam spent US$155 million in October and US$165 million in October importing 6,000 CBU cars from abroad.

In December, auto sales may not pick up as seen in previous years because many people are waiting until next year when the duty on CBU auto imports from ASEAN countries goes down to 0%.

Domestic auto manufacturers and assemblers may have to cut prices to compete with imports. They have actually rolled out a slew of promotion programs to attract customers.

Toyota Vietnam, Truong Hai Auto Corporation (THACO) and Hyundai Thanh Cong have announced their prices for next year so that customers can make price comparisons. Price adjustments and early price announcements by these auto firms will help customers rapidly make decisions instead of waiting until next year.

Toyota Vietnam has revised down prices of Vios, Innova and Altis vehicles, except for Camry, by 3% to 10%.

An economic expert said imported autos might be hard to enter the Vietnamese market in the first months of 2018 due to strict regulations in the Government Decree 116/2017/ND-CP regulating conditions for auto production, assembly, import and maintenance and warranty services.

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