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Vietnam Today

$100 million spent each month on Chinese vehicles

Released at: 15:14, 08/09/2015

$100 million spent each month on Chinese vehicles

Trucks and specialized vehicles account for vast majority of imported Chinese motor vehicles in first seven months.

by Thu Hoang - Duc Tho

Motor vehicle imports from China reached 18,008 units worth $696.1 million in the first seven months of this year, according the General Department of Vietnam Customs.

Vietnamese people therefore spent an average of $100 million each month buying Chinese motor vehicles, based on the taxable price established by customs authorities and excluding taxes, charges, and fees.

The raw figures may be a surprise to some but according to the Ministry of Industry and Trade (MoIT) most of the imports are trucks and specialized vehicles, with passenger cars accounting for only a small proportion.

This is a good sign rather than a reason for concern, insiders say. The increase in imported automobiles reflect positive business performance, improved transport infrastructure, and high demand for cargo transport and logistics, Mr. Tran Thanh Hai, Deputy Head of MoIT’s Import-Export Agency, told a recent ministry meeting.

China continued to hold top spot among 12 countries and territories exporting motor vehicles to Vietnam in the first seven months, according to Vietnam Customs.

Imports from South Korea remained in second position, with 14,224 units worth more than $353 million. Most were passenger vehicles of less than ten seats from Hyundai and Kia.

Thailand was third, exporting 12,123 units worth $198.3 million.

Source: General Department of Vietnam Customs

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