ASEAN KEY DESTINATIONS
Vietnam’s July automobile imports down 23 pct
The number of Vietnam imported cars in July dropped 23 percent from the previous month to 3,000, mainly due to the higher import tariffs imposed on the
products, reported Asia Pulse on Sunday.
According the country’s Ministry of Industry and Trade (MIT), July is the third month in a row to see lower automobile imports as a result of policies aimed at
reducing traffic congestion and trade deficit as well as curbing inflation.
However, Vietnam’s seven-month automobile imports still recorded a 3.9 fold increase in volume and 3.65 fold rise in value over the same period a year ago,
reaching 43,500 completely-built units worth $812 million.
Taking into account automobile parts and components for assembly, the country has so far this year spent around $1.82 billion on car imports.
Auto traders forecast lower sales in the domestic market in the coming time due to the Finance Ministry’s decision in late July to raise car registration fees to
10-15 per cent of the purchase prices.
The possibility of a further rise in import tariff on completely-built automobiles and recent petroleum price hikes are also factors that chill the market, they
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