Tet holiday leaves a mark as imports decline in first two months, though annual increase still expected.
Vietnam’s automobile enterprises imported around 5,000 completely-built-units (CBUs) in February worth $131 million; 1,000 less than in January.
Dealers believe it was a sharp fall in number but was expected because of the nine-day Tet (Lunar New Year) holiday during the month, when car sales are suspended around the country.
The government also began applying a new calculation method on special consumption tax rates on January 1, which increased the price of imported cars by an estimated 5 per cent. Many people therefore bought motor cars in the closing months of last year.
Turnover on imported cars is predicted to increase this year but the automobile market will not experience a boom similar to 2015.
According to the GSO Vietnam imported 11,000 cars in the first two months, worth $280 million; a decline of 31.1 per cent in number and 11.9 per cent in value year-on-year.