Car imports surged in the first seven months of the year. — Photo Vietnamplus

Viet Nam’s automobile market saw a year-on-year increase of 365.6 per cent to 88,000 cars in the first seven months of the year, worth US$1.94 billion, reports the General Department of Customs.

Of the figures, more than 80 per cent were from Asian countries led by Thailand, and followed by Indonesia, China and Japan.

The department said the surge of imported cars this year was partly due to increased domestic demand in recent years for imported cars as well as locally assembled cars.

In addition, many enterprises have since the end of 2018 met the requirements of the Government’s Decree issued in October 2017 that regulates the conditions for production, assembly, import, and business of automobile warranty and maintenance services.

Viet Nam has also implemented free trade agreements in which the import tax rate for cars originating from ASEAN countries has dropped to zero per cent. — VNS