Mid-size Cars Forecast to Sell Well in Vietnam
Mid-size cars are forecast to sell very well in Vietnam after the import tariff on this type of vehicles falls, local traders said.
Pham Huu Tam, director of Tradoco Co, said the sharp cut in import duties on vehicles with 1.0-2.5L engines will possibly heat up the domestic car market.
Tradoco will import a huge volume of mid-size cars in the coming months, he said, adding that his company continues importing luxury vehicles.
“We prefer importing cars with engine capacity of 1.8-2.0L as their prices will be much lower than other categories although Vietnamese customers are also keen on 2.5-3.0L vehicles,” Hoang Thi Vinh, director of Vinh Hoang Co. Ltd, said.
“For example, a favorite Toyota Camry 2.4 imported from the US will not be on our preferential list because each will cost some US$46,000 on the Vietnamese market, an uncompetitive rate against domestically assembled ones,” she explained.
In a related development, China’s Lifan Group is preparing to assemble cars with Vietnamese partner VMC to sell in the country. The price of a Lifan 520 is forecast at US$16,500.
The car market is expected to heat up as many people are cashing in from trading stocks. (Labour)
Vietnamese
