Vietnam's Imports of Cars, Auto Components Fall 12% in Jan-Oct
Vietnam spent US$2.267 billion importing cars and auto components in the first ten months of 2009, down 12% against the same period last year, the government’s General Statistics Office (GSO) said.
Of the value, US$903 million was used to import 56,600 cars under the mode of complete built unit (CBU) during the period, down 3.4% in value despite a rise of 20.7% in volume, the statistics showed.
In October, the country imported 9,000 vehicles worth US$140 million, up 20.7% in terms of volume but down 3.4% in terms of value.
Last month’s vehicle import figure significantly surged compared with the previous month when the country spent US$132 million on importing 8,000 completely built units (CBU). Experts attributed the increase to the approaching import season.
The last quarter of a year is usually the briskest period of car imports.
The Ministry of Industry and Trade plans to propose the Government raise the import tax on cars with less than 15 seats to 91% from the current 81% in a move to keep the country’s trade deficit this year at 20% of its total export turnover.
However, the ministry’s plan has been opposed by officials from the Ministry of Finance (MoF).
If the country raised the tariff to 91% vehicle prices in the domestic market would surge the MoF officials said. (GSO Oct Edition)
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