CBU automobile imports surge in Jan-Aug
Vietnam imported nearly 95,930 completely-built-up (CBU) automobiles in the January-August period, tripling that in the same period last year, according to the General Department of Vietnam Customs.
These automobile imports were worth US$2.13 billion.
Of the total, there were nearly 71,100 passenger cars and 21,500 trucks, respectively quadrupling and more than doubling figures from the year prior.
Thailand remained Vietnam’s largest supplier of automobiles in the eight-month period with over half of Vietnam’s total imported cars in terms of both volume and value. Specifically, Thailand shipped 56,800 units, valued at US$1.1 billion, to Vietnam.
Indonesia was also a major exporter of automobiles to Vietnam with 28,200 units worth US$394 million.
According to the Vietnam Automobile Manufacturers Association, sales of imported CBU cars surged, while locally assembled cars found fewer buyers.
In the eight-month period, more than 119,700 locally assembled automobiles were sold, down 14% year-on-year, while 82,800 CBU cars found buyers, up 17%.
The trend is forecast to continue in the coming periods as the duty on CBU automobile imports from regional countries has been slashed to 0% and barriers hindering the import of vehicles, such as Decree 116 on automobile manufacture, assembly, import, maintenance and warranty services, have been removed.