Vietnam’s car imports plummet over 40% 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%, according to the Ministry of Industry and Trade (MoIT).

vietnam’s car imports plummet over 40% in first two months hinh 0
Illustrative image (Photo: www.sggp.org.vn)

Of the number, 10,768 were under-nine-seat cars, contracting 39.6%, and 3,425 passenger cars, down 53.3%.
 
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% 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 US$4 billion in the first two months of this year, the main volume of which came from the Republic of Korea with US$1.14 billion (28.5%), Japan US$720 million (18.04%) and China US$700 million (18%).

VNA