Vietnam’s car imports plummet over 40 percent in first two months
Vietnam imported 14,523 cars in the first two months of 2020, representing a year-on-year plunge of 43.7 percent, according to the Ministry of Industry and Trade (MoIT).
Hanoi (VNA) - Vietnam imp♍orted 14,523 cars in the first two months of 2020, representing a year-on-year plunge of 43.7 percent, according to the Ministry of Industry and Trad💛e (MoIT).
Of the number, 10,768 were under-nine-seat cars, contracting 39.6 percent, and 3,425 passenger cars, down 53.3 percent.
In February, assembled cars purchased from the two main markets of Thailand (6,271 cars) and Indonesia (3,416) accounted for a lion’s share of 94 percent of total car imports in the month.
The decline was attributed to the huge inventory left over from 2019. Importers are also waiting for a Government decision to reduce or exempt import tariffs on auto parts in the face of the COVID-19 pandemic.
According to a recent report by the MoIT’s Department of Industry, Vietnam imported auto parts worth nearly 4 billion USD in the first two months of this year, the main volume of which came from the Republic of Korea with 1.14 billion USD (28.5 percent༺), Japan 720 million USD (18.04 percent) and China 700 million USD (18 percen♌t)./.
Prime Minister Nguyen Xuan Phuc has instructed the Ministry of Finance (MoF) to look at taxes and fees related to automobile manufacturing and assembly in order to help the sector grow.
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Illustrative image (Photo: www.sggp.org.vn) 
