Auto imports see record drop in Q1
Viet Nam imported 8,000 cars worth US$163 million in March, according to the General Department of Customs.
Viet Nam imported 8,000 cars worth US$163 million in March, according to the General Department of Customs.
The figures were down 22 per cent in volume and 26.6 per cent in value respectively compared to the previous month.
It was estimated that auto imports in the first quarter of this year reached 23,000 worth $497 million. This also marked a record drop of 43.1 per cent in volume and 43.3 per cent in value from the same period last year.
The drop comes amid the complicated developments of the COVID-19 pandemic, which has hit domestic demand. This has also forced showrooms to cut their prices in a bid to reduce inventories.
Models such as the Toyota Fortuner, Honda CR-V, Ford Everest and Explorer and the Chevrolet Traiblazer have all been discounted by up to nearly VND300 million ($12,793) per vehicle.
In addition, a number of automobile assembly and manufacturing factories in Viet Nam, including Ford, Hyundai and Honda, have suspended production under direction from overseas corporations. — VNS
