Tuesday,  Sep 25, 2018,10:59 (GMT+7) 0 0
Auto imports surge in late 2017
Hung Le
Wednesday,  Jan 3, 2018,23:18 (GMT+7)

Auto imports surge in late 2017

Hung Le

Imports of CBUs soar in the final month of 2017 - PHOTO: HUNG LE

HCMC – Vietnam imported some 10,000 completely-built-up autos (CBUs) last month, the highest monthly import volume in 2017.

According to the General Statistics Office, the country last month spent US$273 million on the 10,000 CBUs, bringing last year’s CBU imports to around 94,000 units worth over US$2.15 billion.

In each of September, October and November, the auto import volume was around 6,000 units with a respective value of US$165 million, US$155 million and US$186 million.

Data of the General Department of Vietnam Customs earlier showed that nearly 7,050 CBUs valued at more than US$192 million were imported in the first half of December 2017, up over 100% against the same period of the previous month.

Such an increase in auto imports was surprising as the tariff on autos imported from ASEAN is slated to decline from 30% to 0% this year.

Traditionally, importers refrain from importing autos right before a tariff cut. According to market watchers, the auto import spike last month was triggered by fears of the tougher auto import rule provided in the Government’s Decree 116.

Auto importers may find it hard to meet a requirement that they must produce auto quality certificates issued by foreign authorities when the new tariff on auto imports from ASEAN goes into force this year. Such certificates do not exist in many countries, even in the U.S., Japan and ASEAN countries.

Compared to 2016, auto imports dropped 16.8% in volume and 9.6% in value. The import decline is said to result from consumers’ tendency to wait until this year to benefit from the import tariff reduction.

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