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Car imports unexpectedly soar
Auto import revenue unexpectedly increased in May, a phenomenon that even car dealers are at a loss to explain.
May import revenue was much higher than expected, even above May 2009.
According to the General Department of Customs, in May 2010, Vietnam imported 5339 cars worth $88.5 million. As such, compared with April, the number of imported cars increased by 52.1 percent, while import revenue increased by 44.1 percent. In April, Vietnam imported 3511 cars worth $61.4 million.
The sharp increase in May was beyond the expectations of analysts as well.
In late May, the General Statistics Office estimated that Vietnam had imported 4500 cars worth $78 million for the month, but the actual figures were much higher.
The rise in auto import revenue has surprised many people, who cannot fathom why such a high number of cars were imported when the car market has been gloomy for the last two months.
Hanoi showroom representatives explained that, in the last two months, they only sold several cars, so they cannot understand why more cars have arrived.
Financial analysts have guessed that some import companies began increasing imports because they believe that the most difficult period will be over soon and they need to prepare for the upcoming high sales season.
According to the General Department of Customs, the total number of cars imported by the end of May 2010 reached 18,523, while import revenue totaled $312.6 million. The figures represent an increase of 6.2 percent in the number of cars imported and a decrease of 1.9 percent in value compared to the first five months of 2010.
In related news, on June 14, the Ministries of Industry and Trade, Finance and Transport stipulated that imported personal vehicles will be allowed customs clearance at only five ports, a document that will become effective on July 29.
The five international ports include Cai Lan in Quang Ninh province, Hai Phong, Da Nang, HCM City and Ba Ria-Vung Tau.
The imported cars must obtain a certificate on meeting technical safety and environment protection standards to obtain customs clearance.
This is one of the new policies that aim to restrict auto imports categorized as complete built units (CBU), luxury products that are partially blamed for the high trade deficit.
Vietnam must fully open its market to imported cars by 2018 under commitments on trade liberalization by ASEAN/AFTA. The Ministry of Industry and Trade has estimated that, by that time, the trade deficit caused by CBU imports would be relatively high, at $12 billion a year.
VietNamNet, TBKTVN
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