3,000 complete cars imported to Vietnam in February

The General Statistics Office estimates that about 3,000 complete cars were imported into the country in February 2014, with a turnover value of about 48 million USD. Although the quantity remained unchanged, the value decreased significantly compared to the 65 million USD of the previous month.

Only 4 years left until import tax on cars from Southeast Asian countries is reduced to 0%.

However, this figure is only an estimate, and shows signs of decline after the last 6 months of 2013 maintained a slight recovery momentum.

As last month, the General Statistics Office also gave an estimated figure for the import turnover of completely built-up cars with 3,000 cars and 58 million USD. After having full statistics, the turnover value achieved was 7 million USD higher than the estimate.

In fact, the import turnover of completely built-up cars in the first month of the year remained quite high with 3,000 cars and 65 million USD in value. Note that January 2014 falls right in the period when the market is on Tet holiday. Therefore, the possibility that the import turnover of cars in February will remain stable or even increase cannot be ruled out.

Also according to the General Statistics Office, the total import turnover of cars in the first two months of this year is estimated at 6,000 units and 113 million USD, up 39.8% in volume and 26.1% in value over the same period last year.

The recovery of imported completely built-up cars reflects the reality of the market in recent times. Since mid-2013, the imported car market (CBU) has been much more vibrant than before, especially after a series of new brands entered the market such as Lexus, Infiniti, MG Car, etc.

The somewhat sustainable recovery also shows more clearly the (inevitable) development trend of the CBU car market, especially compared to the domestic assembled car market (CKD). Currently, there are only 4 years left until the import tax on cars from Southeast Asian countries is reduced to 0% and the explosion of the CBU car market is also a clear prospect.

According to thoibaokinhte