Car Imports Drop in February
Vietnamese auto businesses imported approximately 5,000 complete built up unit (CBU) cars, worth US$131 million, in February; 1,000 cars less than the previous month, the General Statistics Office (GSO) said.
There has been a sharp fall in car imports this year, which had been expected due to the nine-day Tet (Lunar New Year) holiday in February, during which business operations and transactions were suspended in the market.
In addition, the Government began to apply a new calculation of a special consumption tax on January 1, 2016, which caused the price of imported cars to rise by an estimated 5 per cent. Therefore, many people bought cars in the last few months of last year, before the new calculation came into effect.
The turnover of imported cars is predicted to increase this year, but the auto market will not experience a ‘boom’ as it did in 2015.
GSO said Vietnam imported 11,000 cars in the first two months of this year, worth US$280 million, a drop of 31.1 per cent in quantity and 11.9 per cent in value year-on-year.
NDO/VNA
Vietnamese
