Vietnam imports more cars as tariff reduced
Vietnam imported up to 12,000 cars worth a total value of USD237 million between January and the first two weeks of February, according to the General Department of Customs.
The department said cars with nine seats account for 65% of the total with 7,800 units.
In the first two weeks of February, Vietnam imported 4,700 cars, double the figure of the same period last year. Cars with nine seats make up 51%, equal to 2,400 units, up seven-fold compared to the same period in 2016.
The General Department of Customs’ statistics showed that the daily average number of imported cars into Vietnam reached 244 units in January, meanwhile, the figure increased to 318 units in the first weeks of February.
The average price of imported cars so far this year is USD16,600, against USD21,000.
Experts forecast that car imports into Vietnam will continue to increase, as regional trade agreements come into effect.
From January 1, 2017, Vietnam cut the import tariff on completely built cars from ASEAN members from 40% to 30%, to meet its commitments outlined in the ASEAN Trade in Goods Agreement, which aims to reduce trade barriers and expand markets among member states. From 2018, this agreement requires Vietnam to reduce this tariff to zero.
The department said cars with nine seats account for 65% of the total with 7,800 units.
Vietnam imported up to 12,000 cars worth a total value of USD237 million between January and the first two weeks of February
In the first two weeks of February, Vietnam imported 4,700 cars, double the figure of the same period last year. Cars with nine seats make up 51%, equal to 2,400 units, up seven-fold compared to the same period in 2016.
The General Department of Customs’ statistics showed that the daily average number of imported cars into Vietnam reached 244 units in January, meanwhile, the figure increased to 318 units in the first weeks of February.
The average price of imported cars so far this year is USD16,600, against USD21,000.
Experts forecast that car imports into Vietnam will continue to increase, as regional trade agreements come into effect.
From January 1, 2017, Vietnam cut the import tariff on completely built cars from ASEAN members from 40% to 30%, to meet its commitments outlined in the ASEAN Trade in Goods Agreement, which aims to reduce trade barriers and expand markets among member states. From 2018, this agreement requires Vietnam to reduce this tariff to zero.
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