2:24:51 PM | 31/7/2008
Vietnam is estimated to have spent US$1.83 billion importing automobiles and auto spare parts in the first seven months of this year, up 199.4 per cent on-year, the government statistics showed.
The country bought 43,000 finished automobiles worth of US$812 million from January to July, up 290.1 per cent in volume and 265.1 per cent in value on-year, according to the statistics.
Concerns about further increases in imported duties saw domestic car traders rush to import autos, pushing the volume of imported vehicles up sharply in January-July period,
The tax on imported new cars was increased twice in April, from 60 per cent to 70 per cent and then to 83 per cent.
Higher auto import taxes combined with sky-high lending interest rates have bitten the auto business this year, leaving dealers with packed showrooms but few customers. (GSO July 2008)
Vietnamese
