Car imports remain at peak levels

It is likely that the import turnover of completely built-up cars in August 2014 will continue to maintain at the peak level set the previous month.

Imported completely built-up cars have begun to recover strongly with signs of high stability after a long period of "unstable" prices at a low level - Photo: Doan Khue.

Specifically, data from the General Statistics Office (Ministry of Planning and Investment) shows that the number of cars imported into the country in August 2014 reached about 6,000 units with an estimated value of 120 million USD. In terms of quantity, the import value in August was equal to that in July, while the value may have decreased slightly.

Also according to the report of the General Statistics Office, the import turnover of cars in July 2014 reached 6,000 units in quantity and 138 million USD in value. This is the peak level in the past 3 years. The last time the import turnover of completely built-up cars exceeded this level was June 2011 with 7,000 units and 122 million USD.

Thus, it can be seen that the imported completely built-up (CBU) automobiles have begun to recover strongly with a high level of stability after a long period of "swinging" at a low level. This is also a good sign for the Vietnamese automobile market in general. Because, along with the recovery of CBU cars, the purchasing power of domestically assembled cars (CKD) has also grown continuously in recent times.

According to a recent report by the Vietnam Automobile Manufacturers Association (VAMA), total purchasing power in the national automobile market has increased for the 16th consecutive month compared to the same period last year. Specifically, total automobile sales in the entire market in July 2014 reached 12,609 units, an increase of 35% compared to the same period in 2013.

In the first 8 months of 2014, the total import turnover of CBU cars reached about 37,000 units and 801 million USD, an increase of 71.6% in volume and 90.7% in value compared to the same period last year.

Import turnover of completely built-up cars in the last 4 months

Quantity (pieces) Value (USD)

May 2014 5,000 106,000,000

June 2014 6,000 117,000,000

July 2014 6,000 138,000,000

August 2014 (estimated) 6,000 120,000,000

August 2014 (estimated) 37,000 801,000,000

Source: General Statistics Office

According to VnEconomy