||Asean Affairs 30 May 2013
Lower registration fees lift car sales
Viet Nam imported 4,000 cars worth US$60 million in May, bringing the total car imports in the first five months of the year to 14,000 units, worth $247 million, according the General Office of Statistic.
The January-May imports represented a year-on-year increase of 13 per cent in import volume and 3.5 per cent in value, the office said.
Car importers and traders said the April 1 cut in registration fees from 20-15 per cent to 15-10 per cent had encouraged buyers, along with the loosened credits for automobiles.
They also said there was a rumour registration fees would be cut further from the current 12 per cent to 10 per cent applying in all cities, also already triggered the market.
The Viet Nam automobile market was reported to be gradually heating up in recent months, though the extent of the recovery remained unclear.
The Viet Nam Automobile Manufacturer's Association (VAMA) reported that sales of locally assembled automobiles in April rose 4.8 per cent over March and 26 per cent over the same month last year, totalling more than 8,780 units.
For the four-month period, more than 30,410 units were sold, an increase of 3 per cent over the same period last year.
Members of VAMA also reported stable sales growth in April. The association raised its prediction of total car sales this year from 100,000 to 103,000.
Ford Viet Nam sales and marketing director Truong Kim Phong said increased demand had pushed up sales for his company.