Bill comes to $1.2 billion for car imports so far this year.
The number of completely-built-up (CBU) motor cars imported into Vietnam in the first five months of the year is estimated at 45,000, valued at $1.2 billion, according to a report from the General Statistics Office.
The import volume and value is almost 80 per cent of the total for 2014 as a whole, of 72,000 units and $1.57 billion.
CBU imports in Vietnam during the first five months increased by a substantial 125.3 per cent in volume and 185.7 per cent in value compared to the same period last year.
In May the number of CBU imports is estimated at 10,000 units, valued at $337 million, which is the highest value since the beginning of 2014.
The trend in CBU imports over recent months is for the volume to increase slightly month-on-month while the value increases significantly. The trend can be explained by the fact that many expensive CBU trucks and specialized vehicles have been imported, primarily from China.
The imported car market constantly increasing in most product segments is putting a great deal of pressure on the manufacturing and assembly of automobiles in Vietnam. Many experts have suggested that support policies are needed urgently if Vietnam is to see its auto industry continue to develop in line with the new master plan for the industry.
|Imported CBU Units in Last 4 Months|
|2015 Total (estimated)||45,000||1,217,000,000|