15:51 (GMT +7) - Monday 13/07/2020

Vietnam Today

4M CBU vehicle imports total 35,000

Released at: 14:23, 04/05/2017

4M CBU vehicle imports total 35,000

Illustrative image (Source: news.zing.vn)

Imports up nearly 20% in volume y-o-y but down 5.7% in value.

by Hai Van

The General Statistics Office (GSO) has estimated that Vietnam imported some 35,000 completely-built-up (CBU) motor vehicles of all types in the first four months of this year, an increase of 19.7 per cent year-on-year.

CBU imports in April totaled 8,000 worth $200 million, down 3,000 units but up $20 million in value.

Despite CBU imports rising nearly 20 per cent in the first four months, their value was down 5.7 per cent year-on-year, to $688 million.

In the first three months of the year, the volume of cars of less than nine seats imported from ASEAN countries totaled 14,460 units, up 67.6 per cent, the General Department of Customs reported previously. CBU units from Thailand totaled 10,050, up 28.8 per cent, and from Indonesia 4,400 units.

Industry experts predict that motor cars imported from Thailand and Indonesia will continue to increase in the near term because of commitments Vietnam has made under the ASEAN Trade in Goods Agreement (ATIGA), with taxes on CBU imports to fall to 0 per cent in 2018 compared to 30 per cent currently.

Sales of vehicles of less than nine seats this year are expected to fall 7-10 per cent as many potential buyers put off their purchase in anticipation of the 0 per cent tax rate being applied next year.

Imports of auto parts and accessories in the first four months increased significantly. In April, Vietnam is estimated to have spent $320 million on importing parts and accessories, bringing the total amount in the first four months to $1.15 billion.

The country therefore spent nearly $1.84 billion in the first four months on importing CBU motor vehicles and automobile parts and accessories, up 3.9 per cent year-on-year.

User comment (0)

Send comment