Thailand has continued to hold a large share of Vietnam's car imports according to initial statistics of the General Department of Vietnam Customs.
New sale promotions on automobiles are expected to be run after the 50 percent vehicle registration tax reduction policy expires.
While Covid-19 has had a big impact on the economy and most people, it has not hurt the rich. They are stil spending big money on luxury car models.
The car market has recovered recently, though sales are not as good as the same period last year. The demand for both new and used cars is increasing, and the prices are escalating.
To own a super luxury car, one has to pay tens of billions of dong in taxes and fees, which are 3-4 times higher than imported car prices.
A number of large manufacturers slashed car prices in early October, signaling a fierce race in the Vietnamese auto market.
For many people, the news that automobile manufacturers have paid high amounts of tax to the state in the context of slow auto sales indicates that cars are being sold at sky-high prices in Vietnam.
More and more cheap cars will flood the Vietnamese market in upcoming months as automobile manufacturers in Thailand and Indonesia have urged their governments to apply measures to boost car exports.
With preferential tariffs beginning in 2020, used luxury cars from CPTPP-member countries will be available in Vietnam.
Despite sale promotion campaigns launched by manufacturers, the car market remained gloomy in the last months of the year.
The Ministry of Industry and Trade (MOIT) has proposed raising luxury tax on some car models with fewer than nine seats.