Auto import sharply reduces after two month hike

SGGP
The number of automobiles imported to Vietnam in April reduced nearly 38 percent over the previous month after two months of consecutive increase, reported the General Department of Vietnam Customs.

An auto shop in HCMC (Photo: SGGP)

An auto shop in HCMC (Photo: SGGP)

The import value also dropped over 6 percent.
Vietnam imported as low as 1,976 autos worth $37 million from its largest market Thailand, a strong fall. Import from China increased most compared to other markets, up 143 percent in volume and 153 percent in value with 1,065 vehicles worth $41 million.
Vietnam Automobile Manufacturers Association said that the total market’s sales reached 21,942 automobiles, down 18 percent against the previous month and 15 percent over April last year.
Domestically assembled vehicles reduced to 16,453 autos, down 10 percent versus March. Complete build-up unit (CBU) import reached 5,489, down 35 percent.
During the first four months this year, the auto import volume raised 15 percent while value dropped nearly 10 percent compared to the same period last year. The market’s sales posted a year on year increase of 1 percent.
Auto trading firms said that the April reduction in auto import, manufacturing and consumption was because many people have been expecting the next deep price cut in 2018 when import tariff slides to 0 percent.
Right after the tariff drop of 10 percent this year, imported auto sales suddenly surged.

By LAC PHONG – Translated by Hai Mien

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