Vietnam’s completely built-up (CBU) car imports dropped in both volume and value in 2017 compared to a year earlier, as local importers had anticipated a major tax cut that kicked in at the start of 2018.The Southeast Asian country spent US$2.154 billion importing 94,000 CBU units – vehicles manufactured and assembled in their country of origin – last year, according to the General Statistics Office.This presents a 16.8 percent decrease in volume and 9.6 percent drop in value.December witnessed the largest import volume, with 10,000 CBU units, worth $273 million, shipped to the country.In the last months of 2017, car importers in Vietnam carefully adjusted their business plans against the January 1, 2018 deadline, when a new decree applying stricter requirements to car importers and a massive cut on import duty both started taking effect.Decree 116 dictates that businesses obtain a permit for car importation from the Ministry of Industry and Trade to be allowed to … [Read more...] about Vietnam spends $2.1bn importing 94,000 cars in 2017
Import
Zero import tax expected to raise Vietnam’s car ownership
The import tax for cars imported from ASEAN has been slashed to 0% from January 1, 2018, which is expected to raise the country’s car ownership rate which remains low compared to regional averages. The import tax for cars imported from ASEAN has been slashed to 0% from January 1, 2018 Owners of many auto showrooms claimed lots of customers had made deposits to buy ASEAN-imported cars while awaiting zero import duties. Dinh Quoc Dinh in Thu Duc District, HCM City, said he would put down a deposit to buy a Vios which is up to VND48-58 million cheaper now than before January 1. To prepare for the zero import duties, a large number of ASEAN-imported cars have been brought to Vietnamese ports. At present, there are around 1,700 cars and pickup trucks at Hiep Phuoc Port in HCM City with the majority imported from Thailand and Indonesia. Bui Xuan Truong, director of Truong Thanh Auto, said that the zero import duties could attract more customers to buy cars and the … [Read more...] about Zero import tax expected to raise Vietnam’s car ownership
Vietnam’s import-export value surpasses 400 billion USD mark in 2017
Export turnover is estimated at 214 billion USD, 21% higher than last year and the highest increase so far. The US remains the largest importer of Vietnamese goods with 41.5 billion USD, 8% higher than last year, followed by the EU, China, ASEAN, Japan, and the Republic of Korea. 2017 saw a total import revenue of 211.1 billion USD, 21% up against last year. China exported 58.5 billion USD worth of goods to Vietnam, 17% up against last year, followed by the Republic of Korea, the EU, and the US. … [Read more...] about Vietnam’s import-export value surpasses 400 billion USD mark in 2017
Algeria’s restrictive import policies impact Vietnamese businesses
The list of goods prohibited from import to Algeria in 2018 includes edibles such as dry fruit, finished cheese, fresh fruit (except bananas), fresh vegetables (except garlic), meat (with exceptions), tuna, corn products, processed meat products, chewing gum, candy and chocolate, spaghetti, sweet cakes, cereal products, canned vegetables, processed tomatoes, and mineral water etc.Algerian Prime Minister Ahmed Ouyahia says the import ban is not in contradiction of the agreements Algeria has signed with the EU and other foreign partners. The move aims to protect local businesses from international competitors and prevent the ‘drain of foreign currencies’, which has affected the foreign exchange reserves of the North African nation, he notes.According to Vietnam’s trade counselor in Algeria Hoan Duc Nhuan, this new policy will have a detrimental effect on Vietnamese exports such as mobile phones, biscuits and candy, cereal products, fruit and vegetables, steel and iron … [Read more...] about Algeria’s restrictive import policies impact Vietnamese businesses
Vietnam affected by Algeria’s import tightening policy
Illustrative image (Source: VNA) Algiers (VNA) – TheAlgerian government has issued a new import policy for 2018, under which morethan 850 products will be banned from entering the country, including those fromVietnam. The banned goods include driedfruits, cheese, fresh fruits (excluding banana), fresh vegetables (excludinggarlic), a number of meat, tuna, products processed from corn and meat, chewinggum, confectionary and chocolate, sweet cakes, soup, mineral water, householdappliances and construction materials, among others. Algerian Prime Minister AhmedOuyahia said the import ban is not contradictory to agreements reached betweenAlgeria and the European Union as well as other foreign partners, adding thatnew measures aim to prevent foreign currency outflows and protect domesticfirms that are unable to compete with foreign rivals. Vietnamese Commercial Counsellorin Algeria Hoan Duc Nhuan said once the new policy takes effect, Vietnam’sexports such as mobile … [Read more...] about Vietnam affected by Algeria’s import tightening policy