Vietnam’s import of used cars down 80pct in Aug

In August, Vietnam’s import of CBU (completely built unit) cars reached 3,331 units, down 15.8% from July, of which, the import for less than 9-seat cars was 1,512 units, falling 37% month on month, the local newswire VnExpress quoted statistics from General Department of Vietnam Customs as saying on Saturday.
Under which, the country’s import for used cars was only 199 units, falling 70-80% against the same period past years.

Businesses attributed the fall in import of used cars in August to the impacts of tax policy. Accordingly, from August 15, used car with cylinder capacity of from 1.5 liters and higher will be subject to the absolute tax ($5,000 or $15,000 per unit depending on vehicle) plus a relative tax of 77-83% depending on each type of cars.

Of the total 199 secondhand cars imported to Vietnam in August, nearly 170 units worth over $639,500 have cylinder capacity of less than 1.0 liter originating from Korea. Popular brand is still Kia Morning with declared price of from $3,600 to $4,000 per unit. These are not subject to the tax adjustment.

Of the remaining cars imported to Vietnam in August, about 30 units were luxury cars with brands of Audi, Lexus, Mercedes, BMW with declared price of about $20,000 to $73,000 per unit. These had been imported to Vietnam before August 15 when the new tariff came into force.

Vietnam has begun allowing import of secondhand cars since May 2006. In the first two years, the volume of vehicles imported to Vietnam market was up to 10,000 units, of which, luxury cars such as Lexus, BMW, Mercedes, Infiniti and Acura accounted for nearly 50%. – Vietbiz24

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

Posted by VBN on Sep 19 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