Vietnamese businesses spent some 200 million USD importing 7,000 completely built-up units (CBUs) in November, according to an estimate of the General Statistics Office (GSO).
The recovery of import turnover of CBU cars in November is mainly attributed to the demand for cars at the end of the year ahead of Tet (Photo cafeF.vn)
Hanoi (VNA) -Vietnamese businesses spent some 200 million USD importing 7,000 completelybuilt-up units (CBUs) in November, according to an estimate of the GeneralStatistics Office (GSO).
The month saw increases of 45 million USD in value and 1,000 units in volume incomparison with figures of the previous month.
GSO said import volume in September and October was 6,000 units permonth – the lowest record in the last two years, with values of 155 million USDand 165 million USD, respectively.
The recovery of import turnover of CBU cars in November is mainly attributed tothe demand for cars at the end of the year ahead of Tet (Lunar NewYear). At the same time, this is also the time when many auto firms completesigned contracts with foreign partners to ship cars to Vietnam.
In fact, the market has not shown promising signs for car imports becauseconsumers are still waiting until January 1, 2018, to buy carsimported from Thailand and Indonesia at lower prices once the import tax isreduced to zero percent in the ASEAN bloc.
Auto importers have suffered from Government’s Decree 125, which includes agroup of auto parts not yet produced domestically on the list of goods enjoyingtax incentives at the rate of zero percent.
As soon as Decree 125 comes into force on January 1, 2018, some domesticautomobile manufacturers and assemblers, such as Truong Hai Auto Corporation(Thaco) and Thanh Cong Hyundai, reduced the retail price of automobiles bybetween three percent and five percent.
According to GSO, total import of CBU cars in the 11 months of thisyear is estimated at 84,000 units, worth over 1.9 billion USD, down 14.7 percentin volume and 11.4 percent year-on-year.-VNA
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The recovery of import turnover of CBU cars in November is mainly attributed to the demand for cars at the end of the year ahead of Tet (Photo cafeF.vn) 
