Vietnam is close to setting a record of $1.5 billion in automobile imports.

According to statistics from the General Department of Customs (Ministry of Finance), the total value of imported complete automobiles in 2014 was very close to the record mark of 1.5 billion USD.

Regardless of whether the import value reached $1.5 billion or not, 2014 is considered a record year for imported automobiles.

Specifically, as of December 15, 2014, a total of 66,025 completely built-up (CBU) automobiles had been imported into the country, reaching a value of US$1.446 billion. Therefore, the recently projected target of US$1.5 billion in import value for the whole of 2014 is entirely achievable.

Previously, VnEconomy reported that the General Statistics Office (Ministry of Planning and Investment) estimated the value of imported vehicles for the first 11 months of 2014 at US$1.292 billion, with 60,000 imported cars. However, the figures updated by the customs sector later significantly exceeded this number, specifically 61,595 cars in quantity and approximately US$1.345 billion in value.

Based on the available figures, it's even possible that the value of CBU (completely built-up) car imports in 2014 will far exceed the $1.5 billion mark. This is because, with $104 million worth of imports in the first 15 days of December, it's entirely possible that the remaining half of the year will reach a similar value.

It should be noted that the market situation at the end of the year is always very unpredictable because traders often strive to complete import contracts to "close the books," and the volume of imported vehicles already contracted with foreign partners is also being expedited in terms of transportation and customs clearance to ensure timely supply to consumers before the Lunar New Year.

Regardless of whether the import value reaches $1.5 billion or not, 2014 is considered a record year for imported automobiles. Even now, before the full year's figures are compiled, the import value of CBU (completely built-up) automobiles has already doubled compared to last year, both in terms of quantity and value.

According to statistics from the General Department of Customs, the total number of imported vehicles in 2013 reached 35,125 units, corresponding to a value of over 722 million USD.

According to VnEconomy