The nation has imported an estimated 4,000 automobiles this month worth a combined value of US$60 million, the highest compared to four months earlier, GSO reports.
The auto import volume and value have been rising. For instance, the country only imported 1,000 units with a total value of US$38 million in February, which then increased to 3,000 units worth some US$48 million in March.
In April, even though the auto import volume was unchanged at 3,000 units, its value grew to US$50 million.
The aforesaid results show that the import value of completely built-up cars has been on the rise, which is described as a considerable market movement by local traders. The auto market has changed for the better since March versus previous months, according to local assemblers and completely built-up auto importers.
Local traders believe the market growth is partly due to the Government’s moves to slash tax and registration fee. On the other hand, the great effort of auto makers in launching plenty of new products and offering discounts to stir up local demand has also helped improve the situation.
Similarly, the Vietnam Auto Manufacturers’ Association (VAMA) reported the auto market this month posted higher growth than expected. The association, however, insisted the growth rate is still slim.
As such, the number of imported completely built-up cars amounted to an estimated 14,000 units from January-May with a combined value of around US$247 million, up 13% in volume and 3.5% in value over the year-ago period. With such a positive trend, local traders expect the number of imported completely built-up cars to rebound slightly or to equal to this month’s result.
More completely built-up cars are forecast to be imported in the final months of the year when local auto demand traditionally picks up.
With more than 8,780 cars sold last month or a year-on-year sale growth of 26%, VAMA predicts this year’s sale volume at about 103,000 units, 3% higher than estimates in previous months.
The number of automobiles imported from January to May