Vietnam Spends US$1.83B in Imports of Cars, Auto Components in Jan-Sept
Vietnam spent US$1.83 billion importing cars and auto components in the first nine months this year, down 23.9% against the same period last year, the government’s General Statistics Office estimated.
Of the figure, US$737 million was used to import 46,900 completely-built cars, down 17.1% in volume despite a rise of 3.5% in volume from a year earlier, the statistics showed.
The situation indicated that small size and lower cost cars have won consumer favor. Local importers are meanwhile trying to lure customers by cutting prices rather than hold cars in inventory.
The Ministry of Industry and Trade is now consulting other agencies on a proposal to raise the import tariff on cars with less than 15 seats to 91% from 83%, saying that tax hike will help curb imports for fear of widened trade deficit in the last quarter.
However, the Ministry of Finance believed that it would not be wise move to raise tariffs at a moment when Vietnam needs to stimulate consumer demand. (GSO, Vietnam Economic Times)
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