Automobile Import Surges
Automobile import is strongly affected by changes in special consumption tax policy from July 1, 2016, evidenced by import performances before and after the effective date.
According to preliminary statistics from the General Department of Vietnam Customs, Vietnam imported 10,800 automobiles or completely built units (CBUs) worth only US$208 million in July 2016, up 25.1 per cent in volume but down 16 per cent in value from the previous month. The drop in value was attributed to the sharp decline of 32.9 per cent in automobile prices.
The average unit import price fell sharply in July 2016 because traders imported highly valued vehicles in June - the scope governed by the changes of the special consumption tax.
The rise in imported units in July was attributed to the cut of special consumption tax on lower-valued automobiles from July 1. Notably, the country imported 5,100 vehicles of nine seats or less in July, up 46.5 per cent.
L.H
Vietnamese
