Higher taxes, lunar holiday hit national car imports in 2010

Cars imports over the first two months of 2010 fell to an estimated total of US$94 million, according to the General Statistics Office.

The fall in import value has been attributed to a combination of increases in value-added tax and registration fees, and a decline in purchases over the Lunar New Year holiday period.

Imports in January –2,500 units worth US$39 million– and February –3,400 units worth $55 million- fell by 26.5 per cent and 69.6 per compared to the previous months, respectively.

Although when contrasted to the same period last year, the import of cars over the months of January and February increased 66.4 per cent in volume and 40.5 per cent in value.

The office predicts car imports to continue to decrease over March.

Over the first two months of the year, the main source countries from which cars were imported to Viet Nam were the South Korea, Japan, the US and China.

Tags: Vietnam auto, Vietnam automotive, Vietnam automotive industry, vietnam car, Vietnam car imports