Vietnam’s Auto, Auto Parts Imports Down 60.6 per cent in Jan-Feb

Vietnam is estimated to have spent US$161 million on imports of automobiles and auto spare parts and cars and auto spare parts in the first two months of this year, down 60.6 per cent on-year, according to the General Statistics Office (GSO).

 

The country reportedly bought 2,600 completely-built units (CBU) worth of US$57 million in the period, 75.3 per cent in volume and 73 per cent in value lower as compared to the same period last year, the GSO showed.

 

In February, the number of cars to be imported in February will be as same as figure of the previous month at 1,300 cars, though the import turnover is expected to be a little higher at US$30 million.

 

In January-February, the CBU car imports equal to half of the imports value of December 2008, US$57.3 million in turnover and 2,000 imported cars respectively.

 

Amid the global economic downturn the Government plans a series of policies to revive domestic auto market by lowering the import tax on car parts and accessories for local assembling between another 2-5 per cent and reducing VAT on automobiles to 5 per cent from 10 per cent.

 

Analysts, however, said that the policies will have direct impacts on the market of domestically made cars and on local automobile manufacturers while they do not aim to encourage the consumption of imports. (Labor)