Vietnam’s car imports fall sharply after restriction

Vietnam imported 3,958 cars in July, down 46 percent from June, as the government has tightened control over car trading.
This translates to a 41.2 percent drop in dollar amount to US$74 million in July, Thoi Bao Kinh Te Vietnam reported Friday, citing customs office data.

A rule taking effect at the end of June requires importers of cars of less than nine seats to show proof that they are authorized dealers for the foreign carmakers. The policy has forced many car traders without the required documents to cut back on imports.

Still, the total auto imports of the first seven months increased 39 percent from a year ago, to 38,116 units. Many traders tried to bring into the country a large number of cars in May and June, prior to the new import rule.

Imports of car parts rose slightly to $161 million in July compared to June, Thoi Bao Kinh Te Vietnam said. The country imported $1.14 billion worth of car parts in the first seven months, up 6 percent from the same period last year.
Thanh Nien

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

Posted by VBN on Aug 22 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