Import of cars falls sharply

Vietnam’s import spending on automobiles this July dropped to $75 million on 4,000 vehicles, a sharp drop from June with 7,000 imported cars at a total value of $122 million, according to the General Statistics Office.

Industry insiders attribute this sharp decline to the impact of the Ministry of Industry and Trade Circular dated May 12 this year on additional formalities and documentations in the import of passenger cars with nine seats or less.

According to the ministry circular that came into effect June 26 this year, importers of passenger vehicles of nine seats or less must submit documents to authorised state agencies to complete all import formalities. The circular is aimed at protecting the interests of consumers, limiting trade deficit and ensuring public transport safety.

The General Statistics Office reported that the country imported 38,500 automobiles worth $707 million in the first seven months of this year, a 40 per cent increase over the same period last year. Additionally, there has been a decline in various models of motorcycles. – VIR

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

Posted by VBN on Jul 27 2011. Filed under Automotive. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry