Imported cars reduce, selling prices continue increasing

Imported cars reduced 95.3 percent in volume and 85.8 percent in value in January compared to the same period in 2017, reported the Ministry of Industry and Trade.

Customers at an auto shop in HCMC (Photo: SGGP)

Customers at an auto shop in HCMC (Photo: SGGP)

Over December last year,  auto import dropped 97.5 percent and 94 percent in volume and value respectively.
The most reduction was from the auto markets of Thailand, South Korea and Japan. Especially, Vietnam no longer imported automobiles from India, Indonesia and Canada in January.
Car prices have kept increasing by an extra of VND10-30 million (US$439-1,317) compared to the peak time before the Tet holiday. It is forecast to reduce by VND200 million ($8,784) in the upcoming time when the tariff on completely built-up (CBU) cars imported from ASEAN drops to 0 percent.
Authorized agencies have taken steps to tightly control CBU products. Recently the General Department of Vietnam Customs has required local customs agencies to intensify value inspection over imported automobiles.

By LAC PHONG – Translated by Hai Mien

Other news

Most view


VNPT & SeABank cooperate to enhance connections

The Vietnam Posts and Telecommunications Group (VNPT) and SeABank just co-signed cooperation agreement, aiming to develop the two sides’ economic, business and investment potential.


Vocarimex plans to expand export markets

The Vietnam Vegetable Oil Industry Corporation -Vocarimex (code: VOC) has set its target the 2018 revenue will reach VND 4,8trillion, an increasing of 9 percent compared to 2017 and pre-tax profit target will be VND 300 billlion ($ 13 million), dividend payment ratio at 12 percent.


Self - introduction

VNPT targets to be leading digital service provider in Vietnam

The grand opening ceremony of the VNPT-Information Technology Company (VNPT-IT), a new member of the Vietnam Posts and Telecommunications Group (VNPT), was held yesterday in Hanoi. With thousands of IT engineers and the focus on developing state-of-the-art technological products related to Artificial Intelligence (AI), Bigdata, and Blockchain, the new company is considered the main force to help VNPT fulfill the goal of becoming a leading digital service provider in Vietnam and an important Digital Hub of the neighborhood as well as the world.

Stock market

BLF & LUT fined VND 145mln

The State Securities Commission of Vietnam (SSC) has just issued administrative fines worth VND 145 million to Bac Lieu Seafood Corp (BLF) and Luong Tai Investment & Construction Corp (LUT).