BCN-40 Vietnam’s auto import sharply decreases in January-May

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ZCZC

BCN-40

VIETNAM-AUTO-IMPORT

Vietnam’s auto import sharply decreases in January-May

HANOI, May 30, 2018 (BSS/Xinhua) – Vietnam imported completely-built
automobiles and components for assembly totaling over 1.4 billion U.S.
dollars between January and May, dropping 36.4 percent year-on-year.

Specifically, the country imported nearly 9,000 completely-built
automobiles worth 244 million U.S. dollars, experiencing respective declines
of 79.3 percent and 71.8 percent, according to its Ministry of Industry and
Trade on Wednesday.

Early this year, few automobiles, especially cars, were imported to
Vietnam because traders were not well-prepared to comply with a new
governmental decree which requires traders to provide more relevant
certificates and to undergo more tests than before, according to local
experts.

Last year, Vietnam spent over 5.3 billion U.S. dollars importing 94,000
completely-built automobiles and components for assembly. Meanwhile, its
total automobile sales were 272,750 units, according to the Vietnam
Automobile Manufacturers Association.

Total vehicle sales in Vietnam will increase to over 284,400 units this
year, global research company BMI Research forecast recently, explaining that
passenger car demand will be driven by reduction in tax rates on vehicles
with engine sizes of 2.0 liters or less, and the elimination of tariffs on
completely-built units from ASEAN member countries in January.

BSS/XINHUA/HR/1445