Imported cars

China's automobile manufacturers have a low-pricing strategy. The Z8 model of Zotye and Q7, and X65 and BJ40 of BAIC have design nearly similar to models of famous manufacturers Porsche and Mercedes Benz, but they are much cheaper. While European models have selling prices of several billion dong, Chinese cars are priced at VND700 million, though they are equipped with fashionable utilities. Chinese cars are distributed through small car dealers who import cars to order. Recently, some Chinese manufacturers opened showrooms in Vietnam and are seeking partners to work as sale agents in cities and provinces. Dong Feng Feng Xing, for example, has opened a large showroom on Highway No 13 in Hiep Binh Chanh Ward of Thu Duc District, HCMC. Next to the area for displaying cars, there is a maintenance service area with sufficient equipment. A representative of Dong Feng Feng Xing said the company is popularizing its brand to strengthen its presence of Dong Feng’s products in Vietnam. It … [Read more...] about Vietnamese remain hesitant about Chinese cars

Customers examine a four-seat car on display in this file photo. Some experts and government units have voiced concern over the future growth prospects of the local automobile sector due to the upsurge in car imports Statistics from the Ministry of Industry and Trade indicate that in the first six months of the year, the volume of automobile imports reached a record high of over 75,430 units, worth US$1.68 billion, skyrocketing 513% in volume and 413.4% in value year-on-year, the local media reported. The strong rise was attributable to the automobile import tariff in the ASEAN region being slashed to zero. The number of automobile imports is forecast to continue rising in the coming years, increasing pressure on the local automobile sector. Speaking at the seminar titled “Steps forward for supporting industries in Vietnam,” Vu Tan Cong, an automobile expert, said that the Vietnamese automobile sector could soon succumb to heavy competition from foreign manufacturers if … [Read more...] about Rising automobile imports put domestic sector at risk: expert

The Ministry of Industry and Trade expects car imports to increase sharply. (Source: vietnamfinance.vn) Hanoi (VNA) - Vietnam imported 109,000 cars in the first nine months of this year, a year-on-year increase of 167.8 percent, reported the General Department of Vietnam Customs. The value increased by 157 percent during the reviewed period, reaching 2.4 billion USD. In September alone, a total of 13,000 cars were imported with a total value of 260 million USD, up 38.1 percent in volume and 24.4 percent in value compared to the previous month, respectively. According to the department, the imported cars mainly originated from Thailand, Indonesia, Japan, China and Germany, accounting for 97 percent of the total. As a result, domestic automobile production and assembly has levelled off. In 2017, the assembly output was 258,733 units, while in 2018 it fell to 258,116. In the first half of 2019, the number of assembled cars reached 131,089 vehicles. Cars imported from the … [Read more...] about Vietnam’s car imports soar in first nine months

In August, as many as 9,412 cars, worth nearly US$209 million were imported in Viet Nam, raising the total number of car imported in the country in eight months to 95,929, up 232.9% and 213.4% in terms of number and value, respectively.  Thailand topped the list, exporting 4,266 cars to Viet Nam in August only and 56,792 ones over the recent eight months of 2019, valued at US$1.1 billion, making up more than 50%.  Besides Thailand, Indonesia was also among Viet Nam’s largest car import markets with 28,169 ones, worth US$394 million.  By Thuy Dung  … [Read more...] about Car imports up nearly 233%

Vehicle sales in Vietnam this year are expected to increase over 21%. Vietnam will lead Asia in vehicle sales this year as the region’s sales are forecast to decline due to weakening outlook in its biggest auto markets, analysts forecast. According to analysts from financial information services provider Fitch Group, total vehicle sales in Asia will decline 6.9% in 2019, which is largely the result of weakening sales in China and India – the region’s two biggest markets. While India is part of a wider trend of weak sales in the subcontinent – and most markets in the region are forecast to decline by double digits, the US' decision to impose an additional 10% tariff on US$300 billion worth of Chinese imports, now delayed until October 1, will further weaken sentiment levels in China and weigh on demand for new vehicles, causing a potential decline of market’s vehicle sales to a projected  9.2% in 2019. In this context, Fitch forecast that South … [Read more...] about Vietnam to top Asia auto sales amid fall of biggest markets