Indian cars imported into Vietnam have an average price of 88 million VND.

The average price of Indian cars imported into Vietnam from the beginning of the year to mid-March reached nearly $3,800, equivalent to about 88 million VND per vehicle.

According to data recently released by the General Department of Customs, from the beginning of the year to March 15th, Vietnam imported 4,781 cars from India, worth over $18.2 million. Of these, 4,780 were passenger cars with fewer than 9 seats (99.98%), with only one being a different model.Imports of passenger cars with fewer than 9 seats from India increased fivefold compared to the same period in 2016.

The average declared price at the port (excluding taxes, fees, etc.) isThey cost $3,798 each, which is equivalent to nearly 88 million VND.This price is about 4 million VND higher per unit compared to a month ago.Compared to the same period in 2015 and 2016, the price of each Indian passenger car imported into Vietnam is higher by 1 million and 3 million VND respectively.

The Hyundai Grand i10 is one of the car models imported from India to Vietnam.

Cars imported from India to Vietnam are mainly small-engine vehicles along with a few other inexpensive commercial models. The reduction of special consumption tax on small cars under 1.5 liters and cars with engines of 1.5-2 liters from the beginning of 2017 to 35% and 40% respectively is believed to be the reason for this increase in car sales.Indian goods have been imported into Vietnam in large quantities recently.

Average import price of passenger cars with 9 seats or fewer originating from some major markets in 2016 and the first two months of 2017. Source: General Department of Customs.

India also currently has the lowest car import prices in Vietnam compared to other markets with a strong focus on affordable vehicles. Currently, the import price of cars from India is only 60-70% of that from South Korea (which costs around $5,300 per car, or approximately 123 million VND).

The General Department of Customs also stated thatIn the first two months of the year, the whole country imported nearly 15,300 complete automobiles of all types, an increase of more than 4,000 units (36.5%) compared to the same period last year. Of these, 9,600 were passenger cars with fewer than 9 seats, an increase of 143.7%; over 5,000 were trucks; and the remainder were vehicles with more than 9 seats and other types.

With a sharp increase in imported vehicles, authorities have also noticed that imported cars from many markets, especially India, have low customs declared values. To prevent trade fraud, the General Department of Customs has directed its functional units to review the declared values ​​of businesses for this product.

According to VNE