Car imports decrease right before the year-end consumption season

The automobile market is in a bustling atmosphere to prepare for the year-end consumption season. However, the import turnover of completely built-up cars does not reflect that atmosphere.

According to the latest report from the General Statistics Office, the number of completely built-up (CBU) cars imported to Vietnam in September 2016 is estimated to only reach about 8,000 units, equivalent to a turnover value of 140 million USD.

Compared to the previous month, the import turnover of CBU cars in September 2016 decreased significantly in both quantity and value. In August 2016, the import turnover of CBU cars reached 9,000 units in quantity and 185 million USD in value. This figure was made after having full statistics.

Thus, the decline in the import turnover of completely built-up cars is showing as a trend, not a sudden "stumble" at a time. Because the turnover of August also had a significant decrease compared to July, specifically from 11,000 units in volume and 208 million USD in value down to 9,000 units and 185 million USD.

Notably, this decline occurred in the context of positive developments in the Vietnamese automobile market.

Currently, the market is preparing to enter the year-end consumption season and car manufacturers themselves, both domestically produced and imported, are taking positive steps to stimulate consumption.

In the immediate future, the Vietnamese auto market is looking forward to the two biggest events of the year, which are also considered to be two events that clearly reflect the appearance of the market.

First is the Vietnam Motor Show 2016, scheduled to open in Hanoi from October 6-9. This exhibition is organized by the Vietnam Automobile Manufacturers Association (VAMA), with most of the participating brands having domestic production and assembly plants, with only one imported brand, Lexus, managed by the Toyota joint venture.

On a larger scale, the Vietnam International Motor Show 2016 will take place 20 days later, from October 26-30 in Ho Chi Minh City. This is the second exhibition organized by a group of official car importers, with the majority being imported car brands and 3 domestically produced car brands.

Although import turnover is showing a downward trend, it is not considered a negative sign. In fact, this is also the time when car manufacturers are evaluating the year-end market and focusing on preparations for the period before Tet.

Also according to the report of the General Statistics Office, in the first 8 months of 2016, the total import turnover of CBU cars reached about 77,000 units, equivalent to a turnover value of 1.737 billion USD, down 8.1% in volume and down 17.6% in value compared to the same period last year.

According to VnEconomy