Vietnam: Giant FI Firms Pin Huge Hopes on Car Imports in 2008

Vietnam-based big foreign-invested auto companies including Ford Vietnam, Honda Vietnam, GM Daewoo will much likely grasp up a score of business deals next year as the country allows them to import complete knock-down cars.

 

The permission is under Vietnam’s WTO commitments and the foreign-led companies can take huge advantage on their sale networks, financial capabilities and long lasting experience, the Investment newspaper published by the Ministry of Planning and Investment cite local analysts.

 

The Vietnamese government now has allowed Mercedes - Benz Vietnam to import cars. The Germany invested company said it will start importing 5-7-seat luxury cars and sport cars this month.

 

Vietnam imposes 60 per cent on car imports. The country imported 3,000 fully assembled vehicles valued at US$49.5 million in January this year, compared with 700 vehicles valued at US$14 million in January 2007.

 

Vietnam automobile traders are forecast to import US$413 million worth of cars in 2008, up 116 per cent on year, the Ministry of Trade and Industry forecast. (Investment)