About 11,000 cars were imported into Viet Nam in October this year, worth US$233 million, according to estimates by the General Statistics Office (GSO).— Photo otoxemay.vn

About 11,000 cars were imported into Viet Nam in October this year, worth US$233 million, according to estimates by the General Statistics Office (GSO).

The figures increased by 89 per cent in volume and 50 per cent in value in comparison with the same period last year.

The recovery of auto imports last month was attributed mainly to the demand for cars at the end of the year.

The market has shown promising signs in recent times. At the Vietnam Motor Show 2018, which was held in HCM City on October 24 with the participation of 15 global auto brands showcasing 120 cars, 880 vehicles were sold in five days, of which most new models were imported.

At the start of this year after the Government issued Decree 116 with conditions for production, assembly, import and business of automobile warranty and maintenance services, auto imports dropped.

With supply falling, retail prices increased which hit purchasing power across the market.

Consumer demand is currently high, especially after a long wait since last year, so the market for imported cars is expected to boom at the year-end.

The GSO report also showed that total cars imports from January-October were estimated at 51,295 units, worth nearly $1.16 billion, decreasing by 33.8 per cent in volume and 32.1 per cent in value. — VNS