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Vietnam experienced a notable increase in automotive imports between January and April compared to the same period last year, in spite of a subsequent drop in April, according to data from the General Department of Vietnam Customs. The country imported 54,344 completely-built-up (CBU) autos in January-April, up 47.2 percent in volume and 33.4 percent in value year on year. The imports comprised 43,856 sedans, hatchbacks, sport utility vehicles (SUVs), minivans, and multi-purpose vehicles (MPVs), marking an increase of 45.6 percent compared to the same period last year, and 7,773 units designed for goods transportation, indicating a significant upswing of 109 percent. Thailand was Vietnam’s biggest auto exporter in the four-month period, with around 27,150 units worth US$545 million, followed by Indonesia with 19,050 units valued at $260 million and China with 3,617 units costing $135 million. The importation slowed down in April when Vietnam brought in 12,323 CBU cars worth … [Read more...] about Vietnam’s auto imports surge in January-April

Consumers at a supermarket in Ha Noi. NA deputies are calling for extended VAT cuts to further stimulate domestic consumption. — VNA/VNS Photo Tran Viet National Assembly deputies are pushing hard for extended VAT cuts applicable to all firms across the board, but the Minister of Finance Ho Duc Phocstands firm against the call. NA deputy Tran Chi Cuong from Da Nang City said the VAT cuts initiated in May would come into force from July 1 to December 31, which is too short a period of time to produce their desired effect. He called for the time frame to be extended to 2024 to give the economy more time to absorb the fiscal stimulus. He also said it would take local authorities at least one year to re-balance their budget given the size of the cuts. NA deputy Mai Thi Phuong Hoa from Nam Dinh Province shared this view. She said the VAT cuts would need more time to take root and six months would be too short a period to that end. She also urged the Government to loosen its … [Read more...] about NA deputies call for extended VAT cuts