Auto imports rise 30% in August

The country imported 4,000 cars, worth US$78 million, in August, bringing the total number in the first eight months of the year to 42,000, worth $782 million, according to the General Statistics Office.

The number of imports in the first eight months of the year was up 30 per cent in terms of volume and nearly 32 per cent in terms of value against 2010.

Meanwhile, 5,000 motorbikes, worth $7 million, were imported in August, down 1,000 units against the previous month.

In the first eight months of the year, 49,000 motorbikes totally worth $67 million, were imported into the country, down 23.2 per cent and 18.8 per cent in volume and value respectively against the same period last year.

Most of the imported automobiles and motorbikes were from South Korea, mainland China, Japan, Taiwan, the US and Germany.

The office said that low purchasing power in the domestic market negatively affected not only imported vehicles but also locally made products, adding that domestic motorbike producers had an inventory index of 40 per cent in the first eight months of the year.

Many motorbike dealers on Hue Street in the capital said they had to sell many kinds of motorbikes for less than their listed prices to deal with an excess in inventory.

Consumption tax

The Ministry of Finance is drafting regulations to revise the special consumption tax on vehicles as the current regulations have proved unsuitable after two years in effect.

Under the new regulations, several kinds of vehicles – such as national defence vehicles, or those used only in economic zones and recreation areas – will be exempted from the tax.

The draft also gives detailed instructions on when and how the tax should be applied to different kind of vehicles, since the current lack of guidance has caused difficulty for businesses and customs. — VNS

Tags: Vietnam automotive, Vietnam automotive industry, Vietnam autos market, Vietnam car imports