Vietnam spent 1.1 billion USD on auto imports during the first 10 monthsof the year, nearly doubling 2013's figure and registering the highestlevel over the last five years.
According to the General Officeof Statistics, as many as 51,000 cars were imported in the country inthe January-October period, worth 1.1 billion USD, up 76 percent inquantity and 93 percent in value, year on year.
In October only, the number of car imports reached 7,000 units, worth 150 million USD, similar to September's data.
Theimported automobile market has been stable since June this year as thenumber of imported cars remained at 6,000 units and above per month, thehighest number in the last five years.
"Car sales in Vietnamseem to be unaffected by the struggling economy, with most brandsreporting better business," said Nguyen Van Dung, General Director ofNorthern Auto, a prominent car importer in Hanoi.
Dung said that the last two months of the year are likely to see more imports following the shopping season.
"We expect sales to increase by 30 percent towards the end of the year," he added.
In2013, there was a marked increase in the number of imported cars. Asmany as 34,500 cars, valued at 709 million USD, were imported, markingan increase of 25.9 percent in volume and 15.2 percent in value, year onyear.
Meanwhile, according to the Ministry of Finance (MoF),several types of vehicles will enjoy import tariff cuts from next year,in line with Vietnam's commitment to the World Trade Organisation (WTO)on tax reduction.
The cuts are likely to further boost carimports, while posing a serious threat to the country's auto industry,which is expected to compete with the price and quality of imports.
MoF,which drafted the plan, said that all tariff cuts will take effect onJanuary 1, 2015. It added that the tax on four-wheel-drive (4WD)vehicles will be reduced from 70 percent to 59 percent, while the importtax on trucks with a loading capacity of less than five tonnes will bereduced from 59 percent to 56 percent.
The tax on motor homes,or self-propelled recreational vehicles which offer livingaccommodation, and on cars with less than 10 seats and an enginecapacity of less than 2.5 litres, will be cut from 67 percent to 64percent. The tariff on motorcycles, sidecars and mopeds will also bereduced from 47 percent to 40 percent.
Meanwhile, ASEAN members'auto imports are already receiving a preferential 50 percent importtariff since early 2014, as a result of the ASEAN Trade in GoodsAgreement (ATIGA). In addition, under commitments made to the ASEAN,auto import taxes will be completely abolished in 2018.-VNA
According to the General Officeof Statistics, as many as 51,000 cars were imported in the country inthe January-October period, worth 1.1 billion USD, up 76 percent inquantity and 93 percent in value, year on year.
In October only, the number of car imports reached 7,000 units, worth 150 million USD, similar to September's data.
Theimported automobile market has been stable since June this year as thenumber of imported cars remained at 6,000 units and above per month, thehighest number in the last five years.
"Car sales in Vietnamseem to be unaffected by the struggling economy, with most brandsreporting better business," said Nguyen Van Dung, General Director ofNorthern Auto, a prominent car importer in Hanoi.
Dung said that the last two months of the year are likely to see more imports following the shopping season.
"We expect sales to increase by 30 percent towards the end of the year," he added.
In2013, there was a marked increase in the number of imported cars. Asmany as 34,500 cars, valued at 709 million USD, were imported, markingan increase of 25.9 percent in volume and 15.2 percent in value, year onyear.
Meanwhile, according to the Ministry of Finance (MoF),several types of vehicles will enjoy import tariff cuts from next year,in line with Vietnam's commitment to the World Trade Organisation (WTO)on tax reduction.
The cuts are likely to further boost carimports, while posing a serious threat to the country's auto industry,which is expected to compete with the price and quality of imports.
MoF,which drafted the plan, said that all tariff cuts will take effect onJanuary 1, 2015. It added that the tax on four-wheel-drive (4WD)vehicles will be reduced from 70 percent to 59 percent, while the importtax on trucks with a loading capacity of less than five tonnes will bereduced from 59 percent to 56 percent.
The tax on motor homes,or self-propelled recreational vehicles which offer livingaccommodation, and on cars with less than 10 seats and an enginecapacity of less than 2.5 litres, will be cut from 67 percent to 64percent. The tariff on motorcycles, sidecars and mopeds will also bereduced from 47 percent to 40 percent.
Meanwhile, ASEAN members'auto imports are already receiving a preferential 50 percent importtariff since early 2014, as a result of the ASEAN Trade in GoodsAgreement (ATIGA). In addition, under commitments made to the ASEAN,auto import taxes will be completely abolished in 2018.-VNA
