Vietnam Car Import Keeps Falling in Apr due to Freezing Market
The downsizing Vietnamese automobile market has led to a continuous decrease in the import of the four-wheelers in the first four months of this year.
The April auto import was down 25 per cent on month and 25 per cent on year to 1,500 units valued at US$30 million, totaling 4,500 units worth US$88 million in the January-April period, according to the General Statistics Office (GSO).
Expectations of sweeping lower-priced cars following the government’s approval of the import of used cars have prompted potential buyers to delay their purchasing decisions, which lead to the market freezing, car traders said.
As a result of slow sales, automakers in Vietnam cut spending by half to US$57 million to import car components for assembly in the four-month period. The total car output in the country was down some 40 per cent between January and April.
Last year, Vietnam spent US$280 million on importing 17,000 automobiles, down 3.2 per cent on year in value and 24.3 per cent in volume, said the GSO. The country also disbursed US$800 million on auto components in the year.
GSO, Vietnam Panorama
Vietnamese
