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

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

According to data just released by the General Department of Customs, from the beginning of the year to March 15, Vietnam imported 4,781 cars from India, worth more than 18.2 million USD. Of these, 4,780 were cars with less than 9 seats (99.98%), with only one car being of another type.The volume of imported cars with less than 9 seats from India increased 5 times compared to the same period in 2016.

The average price declared at the port (excluding taxes, fees...) is3,798 USD each, equivalent to nearly 88 million VND.This price is about 4 million VND higher per unit than a month ago.Compared to the same period in 2015 and 2016, the price of each Indian car imported to Vietnam is 1 million and 3 million VND higher, respectively.

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

Cars imported from India to Vietnam are mainly small capacity cars and some other cheap commercial vehicles. The reduction of special consumption tax on small cars under 1.5 liters and cars with 1.5-2 liters from the beginning of 2017 to 35% and 40% respectively is said to be the reason why carsIndia has been imported a lot into Vietnam recently.

Average import price of cars with 9 seats or less originating from some major markets in 2016 and 2 months of 2017. Source: General Department of Customs

India is also the country with the lowest car import price to Vietnam compared to other markets with the advantage of cheap cars. Currently, the import price of exported cars from here is only 60-70% compared to Korea (about 5,300 USD per car, or approximately 123 million VND).

The General Department of Customs also said, tIn the first two months of the year, the country imported nearly 15,300 complete cars of all kinds, an increase of more than 4,000 (36.5%) over the same period. Of which, cars with less than 9 seats were 9,600, an increase of 143.7%; trucks were more than 5,000; the rest were cars with more than 9 seats and other types.

With the sharp increase in imported cars, the management agency also noticed that imported cars in many markets, especially India, have low customs declaration prices. In order to avoid trade fraud, the General Department of Customs has directed functional units to review the declared prices of businesses for this item.

According to VNE