Vietnam is likely to spend 1.5 billion USD on auto imports for the entire 2014, the highest level so far in Vietnam's history.
Figuresfrom the General Statistics Office (GSO) showed that from January toNovember this year, total car import value reached 1.23 billion USD, a100.7-percent year-on-year increase.
The figures also showedthat in November alone, as many as 8,000 cars worth 155 million USD wereimported, which was similar to that of last September.
"Withthis momentum and the anticipated year-end shopping peak, the importvalue for this year could reach 1.5 billion USD," Do Ngoc Quang, a caranalyst at www.caronline.com.vn, told Vietnam News.
"If you lookback at car import figures over the last five months, import volume andvalue climbed gradually from 6,000 units worth 133 million USD last Juneto 8,000 units worth 155 million USD last month," Quang said.
Meanwhile,the success of the recent Vietnam Motor Show 2014 which ended late lastmonth and witnessed record sales, with 560 contracts signed, will alsocontribute to overall car imports this month.
"The delivery timeof a car contract is always within a month, which means more cars willbe imported in December," said Luong Dinh Hung, General Director of ASCGroup, a prominent car importer in Vietnam.
Hung noted that mostof the sales contracts signed at VMS were luxury and high-end modelssuch as the BMW 428i Gran Coupe, Mercedes S500 Coupe, Audi A3 Sportbackand Lexus GX460.
A marked increase in the number of importedcars likewise took place in 2013. A total of 34,500 cars worth 709million USD were imported, marking an increase of 25.9 percent in volumeand 15.2 percent in value year-on-year.
Also, according to theMinistry of Finance, several types of vehicles will enjoy import tariffcuts beginning next year in line with Vietnam's commitment to the WorldTrade Organisation on tax reduction.
In addition, under commitments to the ASEAN, auto import taxes will be completely abolished in 2018.
About two million cars and 37 million motorcycles are on the roads of Vietnam, which has a population of more than 90 million.-VNA
Figuresfrom the General Statistics Office (GSO) showed that from January toNovember this year, total car import value reached 1.23 billion USD, a100.7-percent year-on-year increase.
The figures also showedthat in November alone, as many as 8,000 cars worth 155 million USD wereimported, which was similar to that of last September.
"Withthis momentum and the anticipated year-end shopping peak, the importvalue for this year could reach 1.5 billion USD," Do Ngoc Quang, a caranalyst at www.caronline.com.vn, told Vietnam News.
"If you lookback at car import figures over the last five months, import volume andvalue climbed gradually from 6,000 units worth 133 million USD last Juneto 8,000 units worth 155 million USD last month," Quang said.
Meanwhile,the success of the recent Vietnam Motor Show 2014 which ended late lastmonth and witnessed record sales, with 560 contracts signed, will alsocontribute to overall car imports this month.
"The delivery timeof a car contract is always within a month, which means more cars willbe imported in December," said Luong Dinh Hung, General Director of ASCGroup, a prominent car importer in Vietnam.
Hung noted that mostof the sales contracts signed at VMS were luxury and high-end modelssuch as the BMW 428i Gran Coupe, Mercedes S500 Coupe, Audi A3 Sportbackand Lexus GX460.
A marked increase in the number of importedcars likewise took place in 2013. A total of 34,500 cars worth 709million USD were imported, marking an increase of 25.9 percent in volumeand 15.2 percent in value year-on-year.
Also, according to theMinistry of Finance, several types of vehicles will enjoy import tariffcuts beginning next year in line with Vietnam's commitment to the WorldTrade Organisation on tax reduction.
In addition, under commitments to the ASEAN, auto import taxes will be completely abolished in 2018.
About two million cars and 37 million motorcycles are on the roads of Vietnam, which has a population of more than 90 million.-VNA
