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Wednesday, June 19, 2024

Auto imports reach nearly 12,000 units over past 1.5 months

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HCMC – Vietnam’s import of cars between January 1 and February 15 this year reached 11,791 units, worth US$280 million, soaring 84.7% in volume and 76.2% in value against the 2020 figures, according to the General Department of Vietnam Customs.

Of these, the country imported over 3,400 completely built-up units worth over US$66 million from February 1 to 15.

During the past 1.5 months, the number of imported cars with nine seats or less totaled 2,477 units worth US$42.5 million, while 812 trucks valued at US$15.9 million were imported in the period.

Earlier, the country imported more than 8,300 cars worth over US$212 million in January, including over 5,200 cars with nine seats or below and 2,230 trucks. These cars were mostly imported from Thailand, China and Indonesia.

SSI Research forecast that the auto consumption in Vietnam this year could rise some 16% versus last year’s figure. Specifically, SSI Research said that the country’s GDP per capita could improve 8-10% annually in the next decade, while vehicles are more affordable to many more people.

In addition, the volume of locally-made cars is on the rise and scores of companies are focusing on business expansion to lower car prices to attract more customers.

Also, many auto manufacturing and assembly plant projects are scheduled for completion in the next three years, which will add a vibrant atmosphere to the local auto market and offer more benefits to customers.

Further, taxes and surcharges on cars are being steadily reduced under free trade agreements between Vietnam and other countries. This will help cut down on auto prices and stimulate the demand for cars.

By Van Phong

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