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Vietnam’s car imports increased in the first half of June. Photo: T.T. |
The latest report from the General Department of Customs shows that in the first half of June, the total number of completely built-up car imports into Vietnam reached 4,838 units with a total import value of over 136 million USD.
Compared to previous reporting periods, the number of completely built-up car imports into Vietnam has shown significant improvement following a sharp decline in the first reporting period of May.
In the first half of June, a total of 3,576 cars with 9 or fewer seats completed customs procedures at Vietnamese ports. This group of cars still accounts for the largest proportion in terms of both quantity and import value, with the latest reporting period recording the import value of cars with 9 or fewer seats into Vietnam exceeding 82 million USD.
In addition to the aforementioned cars with 9 or fewer seats, the first half of June also saw the import of 726 transport vehicles into Vietnam alongside a small number of cars with more than 9 seats.
| Car Imports into Vietnam Warming Up | ||||||||
| Car Imports into Vietnam in Recent Reporting Periods (Data: General Department of Customs) | ||||||||
| Label | March Period 1 | March Period 2 | April Period 1 | April Period 2 | May Period 1 | May Period 2 | June Period 1 | |
| Total Number of Completely Built-up Car Imports | units | 7285 | 7943 | 6233 | 6090 | 3257 | 4269 | 4838 |
Year-to-date, completely built-up car imports into Vietnam have reached 66,760 units with a total import value of over 1.53 billion USD. Cars with 9 or fewer seats account for the largest proportion with a total of 52,873 units that have completed customs procedures and an import value of approximately 1.14 billion USD as of June 15.
It is likely that the recent improvement in car imports into Vietnam is due to the market beginning to show optimistic signs.
The latest report from the Vietnam Automobile Manufacturers’ Association (VAMA) shows that in May, although the overall market still saw a decline in sales, the overall decline of the Vietnam automobile market was only 8%.
Of which, assembly cars achieved a sales volume of 12,079 units in the latest reporting period, a 9% decrease compared to May. In terms of imported cars, the sales volume of 8,647 units in May only saw a 5% decrease compared to the previous reporting period.
With the preferential policy of pre-tax fee for domestically assembled cars expected to take effect from July, the Vietnamese automobile market is expected to regain growth after two consecutive months of decline.
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