>> November sees boom of MPV/SUV sales
>> Vietnam to cut auto import taxes
November saw an increase in Vietnam auto imports but a drop in motorbikes compared to October, according to the General Department of Customs.
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| BYD FO has just hit the Vietnamese market |
During the month, Vietnam spent USD92.7 million to import 5,499 fully built cars, up 16.4% and 19.6 % respectively compared to October of this year.
Between January and November, the country imported 46,940 already-built cars worth USD856.4 million, representing a fall of 32.3% and 20.5% from a year ago.
The increase in auto imports in November is attributed to the higher domestic demand at the end of the year. However, the rise in November this year is still lower than that of recent years due to the stronger U.S. dollar.
Between January and November, Vietnam imported USD1.74 billion worth of auto parts and accessories, up 9.7% from last year.
However, the import of motorbikes decreased in November. Vietnam spent USD7.1 million to import 5,755 already-built motorbikes, down 37.9% and 44% respectively compared to the figures of October. In the first eleven months, the country imported a total 88,381 already-built motorbikes, costing USD111.9 million, down 15.3% and 10.1% against the same period of last year.
Import value of motorbike spare parts between January and November reached USD702 million, up 29.9% against the same period of 2009.
The Vietnamese Ministry of Finance has recently issued a circular on lowering auto import tariffs from January 1, 2011 for autos which have nine seats or less and have cylinder capacity of up to 2.5L or those with cylinder capacity above 2.5L or more.
The import tax cut will also applied for for 4x4 autos, specialised cars such as ambulances and cars to transport prisoners.
