Vietnam imported 120,000 assembled cars worth $2.66 billion in the first ten months of this year, according to the General Department of Vietnam Customs.
The numbers represent increases of 125 percent in volume and 122 percent in value year-on-year, the department said.
In October alone, 13,000 cars valued at 273 million USD were imported into Vietnam.
The department also said October saw complex developments in cross-border smuggling.
Between September 16 and October 15, customs officers detected 1,396 smuggling cases worth 169.48 billion VND (7.29 million USD), contributing 13.24 billion VND to the State budget./.VNA
Car imports would continue to increase due to stronger demand from the domestic market, causing negative impacts on local car production and the country’s trade balance, said the Ministry of Industry and Trade.
The CBU (complete built unit) imports to Vietnam in the first seven months of the year were five times higher in number than in the same period last year.
This year's trade deficit for the car industry is expected to reach a record of more than USD3.4 billion and the figure would continue to increase in the following years due to strong domestic demand.