Automobile imports near record high

Friday, Dec 26, 2014 08:26

Imported cars on displayed at a showroom in HCM City. Viet Namhas imported more than 66,000 automobiles as of December 15 this year. — File Photo

HA NOI (Biz Hub) — The total import turnover of Completely Built-Up (CBU) automobiles in Viet Nam this year reached US$1.446 billion, which nearly matched the record level of $1.5 billion.

Further, the General Department of Customs revealed that the country imported 66,025 vehicles, as of December 15.

The General Statistics Office estimated last month that the total import turnover of automobiles in the first 11 months of the year would be $1.292 billion with 60,000 units. However, the latest figure disclosed by the General Department of Customs reflected different data from estimates. The most recent figures showed that the country reached 61,595 units, with a turnover value of $1.345 billion.

Moreover, the amount attained this year would reach a record level of imported automobiles, as estimated figures were double those of last year, in terms of both quantity and value.

In addition, imported automobile prices nearly reached $40,000 per unit. This amount followed those in Russia and the United States.

Further, the latest numbers announced by the Viet Nam Automobile Manufacturers Association revealed that the assembled and CUB imported units into Viet Nam in the first seven months of the year rose by 24 per cent and 62 per cent, respectively, compared with the same period last year.

Central Institute for Economic Management Deputy Director Vo Tri Thanh added that the local automobile sector has not chosen a suitable development strategy.

The sector's strategy should be based on two basic factors — economic scale and association.

Thanh noted that the local sector had been disorganised in its manufacturing processes, opening markets and trade liberalisation.

Truong Dinh Tuyen, former minister of Industry and Trade, said that Viet Nam's automobile industry has not created competitiveness, though automobiles brought high profits and diversified market demands.

Tuyen said that tax protection should not be the sole tool offered to the enterprises, if the country wants to develop the sector.

However, Viet Nam should maximise automobile production costs to develop the industry, he added. — VNS

Comments (0)