Imported car prices drop by 80 million VND per unit in May

Compared to the import price of 550 million VND/car in April, the price of imported cars in May has decreased by more than 80 million VND, down to only 470 million VND/car.

According to the latest data from the General Statistics Office, the import turnover of completely built-up (CBU) cars in May is estimated to reach 9,000 units with a value of up to 187 million USD, an increase of about 2,000 in volume and 17 million USD in value compared to April.

According to calculations, the price of imported cars in May has decreased to only about 20,700 USD/car, equivalent to nearly 470 million VND. Compared to the imported price in April of 550 million VND, each car has decreased by more than 80 million VND.

In the first months of 2017, the import turnover of completely built-up cars into Vietnam fluctuated quite unpredictably.

Accordingly, in February, the number of completely built-up cars imported to Vietnam reached 8,000 units with a value of 158 million USD. By March, this number suddenly increased to 11,000 units with a value of 180 million USD.

However, last April, the number unexpectedly dropped sharply to only 7,000 units. The number of imported cars decreased sharply but the total value only decreased by about 10 million USD, causing the average price of imported cars in April to reach nearly 550 million VND/unit.

Vietnam's import turnover of completely built-up cars in the first 5 months of the year was quite low.

According to the General Statistics Office, in the first five months of the year, Vietnam imported 42,000 complete cars, worth 850 million USD, up 3.2% in volume but down 12.9% in value compared to the same period in 2016.

If all types of cars are included, in the first 5 months of the year, Vietnam spent more than 2.2 billion USD importing all types of cars, down 4% over the same period.

According to sales staff in the Hanoi market, the number of cars sold was very slow in the first months of 2017. Most consumers are waiting until 2018 when import tax will be 0% according to the ASEAN Trade in Goods Agreement (ATIGA) and new regulations on standards for car importers to buy cars.

At that time, the special consumption tax on cars with a capacity of 1.5L or less will be reduced from the current 40% to 35% and cars with a cylinder capacity of 1.5L to 2.0L will be reduced from the current 45% to 40%, then the price of cars in this segment will decrease sharply.

Calculations show that the price of cars with cylinder capacity under 2.0L imported from ASEAN to Vietnam will decrease by 25-40%, depending on the type.

Domestically, car prices of many brands have decreased sharply compared to the beginning of the year.

The price lists of car dealers such as Toyota and Ford also recorded that the prices of a series of car models from popular to high-end have dropped sharply in May, from tens to hundreds of millions of dong.

At a Ford dealership in Hanoi, the May sales prices applied by the dealership have decreased significantly for car models such as the Ford Firsta 1.5L to high-end models like the Ford Everst Trend 2.2L...

Meanwhile, many Toyota models have also had strong price reductions in May, such as Toyota Camry reduced by 70-80 million VND, the popular Vios model has also been reduced by 50 million VND compared to the previous month. Innova and Altis models have also been adjusted to reduce by 20-30 million VND with promotions.

Before the storm of car price reductions in Vietnam, car manufacturers such as Nissan, Chevrolet... all adjusted the prices of some car models, with prices ranging from 10-50 million VND depending on the type.

According to Zing