Car import rockets up in October

Imports of completely built up (CBU) cars highly increased to 7,000 ones worth US$150 million in October, up 76 percent in volume and 93 percent in value over the same period last year, reported the General Statistics Office.

That is a high hike compared to the last nine months when saw a year on year increase of 39 percent in volume.

The number of domestically assembled cars hiked less than 25 percent over the same period last year in October.

In the first ten months, Vietnam imported 51,000 cars worth US$1.12 billion.

Businesses said that the strong increase was because tariff imposed on automobiles from ASEAN has reduced since the beginning of the year.

Besides, domestic economy has somewhat become stable, banks have loosened credit conditions on consumption loaning.

By T. Hai – Translated by Hai Mien

Other news