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Auto imports climb in October
Vietnam imported roughly 9,000 vehicles worth 140 million USD in October, up 20.7 percent in terms of volume but down 3.4 percent in terms of value, according to preliminary statistics from the General Statistics Office.
Last month’s vehicle import figure significantly surged compared with the previous month when the country spent 132 million USD on importing 8,000 completely built units (CBU). Experts attributed the increase to the approaching import season.
The last quarter of a year is usually the briskest period of car imports.
The October figures lifted the country’s auto import volume in the 10 ten months of the year to roughly 56,600 CBUs worth more than 900 million USD, up 20.7 percent in volume but down 3.4 percent in value compared with the same period last year.
The Ministry of Industry and Trade plans to propose that the Government raise the import tax on cars with less than 15 seats to 91 percent from the current 81 percent in a move to keep the country’s trade deficit this year at 20 percent of its total export turnover.
However, the ministry’s plan has been opposed by some officials from the Ministry of Finance.
If the country raised the tariff to 91 percent vehicle prices in the domestic market would surge the officials said.
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