return icon Vietnamnet.vn

Vietnam passenger car import surges 150% in Jan-Oct

This resulted in Vietnam importing an average of 9,230 cars per month and over 300 cars per day, and car imports of nearly US$1.75 billion during the period, up 250% year-on-year.

{keywords}

 

 

Vietnam imported 92,230 passenger cars, or cars with less than nine seats, in the first ten months of 2019, up 150% year-on-year, according to the Ministry of Industry and Trade (MoIT).

This resulted in Vietnam importing an average of 9,230 cars per month and over 300 cars per day, leading to car imports of nearly US$1.75 billion during the 10-month period, up 250% year-on-year.

In October, Vietnam imported 15,000 vehicles, in which 90% were passenger cars worth US$206 million. Meanwhile, 37,800 were assembled locally, up 1.3% year-on-year, accumulating a total of 284,200 in the January – October period, up 8.6%.

According to the MoIT’s statistics, imported car parts and accessories also witnessed a hike of 123% year-on-year in October at US$400 million.

As of September, Vietnam imported 109,000 automobiles of all types worth US$2.4 billion, up 167.8% in quantity and 157% in value year-on-year.

The majority of imported cars to Vietnam are from Thailand, Indonesia, Japan, China and Germany, accounting for 97% of total cars imported into Vietnam to date.

In 2019, Vietnam is projected to have a record car trade deficit of US$3.4 billion, stated the MoIT.

Car imports into Vietnam from ASEAN countries are rising fast as the ASEAN Free Trade Agreement (AFTA) became effective, leading to zero import tariff. 

“Car imports would continue to increase thanks to stronger domestic demand, in turn causing negative impacts on the domestic automobile production industry and the country’s trade balance,” said the MoIT in a report. 

The concentration of a high number of car makers and assemblers in such a small-size automotive market is one of the main reasons for the sluggish development of Vietnam’s automotive industry, stated the MoIT. 

More importantly, Vietnam’s car making industry depends heavily on the multinational production chains and has only participated in the simple phase of the global value chain with low added value products. Meanwhile, local companies have not been able to master core technologies such as engine and control systems. hanoitimes

Ngoc Thuy

Fuel-saving hybrid cars not favored in Vietnam

Fuel-saving hybrid cars not favored in Vietnam

Hybrid, PHEV and EV engines help reduce harmful emissions and save fuel, but they are not favored in Vietnam because of the lack of encouragement measures.

Vietnam imports 120,000 cars in ten months

Vietnam imports 120,000 cars in ten months

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.

Will Vietnam’s automobiles have to compete with cars from Laos and Cambodia?

Will Vietnam’s automobiles have to compete with cars from Laos and Cambodia?

Experts believe that in the immediate time, Laos and Cambodia will not be rivals on the same par with Vietnam.

MORE NEWS

Ministry listens to firms' difficulties, pledges to raise support

The Ministry of Planning and Investment will propose policies to remove obstacles for enterprises and enable them to seize opportunities to accelerate production and business, Minister Nguyen Chi Dung said.

Vietnam's e-government procurement system set to launch in August

The e-GP would allow effective and transparent management of the public procurement process.

VIETNAM BUSINESS NEWS JUNE 29

Newly-established businesses in H1 exceed 70,000

Australian Foreign Minister enjoys Pho ga in Hanoi

Australian Foreign Minister Penny Wong enjoys Hanoi's specialty of Pho ga or chicken noodles as she arrived in the city on her first visit to Vietnam.

Vietnamese ceramic artist sets two Guinness World Records

Two Vietnamese ceramic works will be recognised as having set Guinness World Records at a ceremony in Hanoi today (June 30).

VIETNAM NEWS HEADLINES JUNE 29

USAID assists Vietnamese businesses to reduce greenhouse gas emission

Vietnam Airlines plans to restore its entire flight network by the end of 2023

The restoration of international flight routes is an important condition for Vietnam Airlines to reduce losses and become profitable in the near future.

Saigon Zoo elephant dung used to make paper

A Saigon Zoo member of staff and a group of students are transforming elephant dung into paper.

Future of Hanoi’s 120-year-old Long Bien Bridge unclear

Long Bien Bridge, the iconic bridge across Hanoi’s Red River, has degraded, but no major repair plan has been finalized and its future is unclear.

Information & Communications Ministry works to create modern digital infrastructure

The Ministry of Information and Communications will exert efforts to create a modern and safe national digital infrastructure, and a new space for digital economic growth, and developing e-government towards the building of a digital government.

Vietnamese NA Chairman begins official visit to UK

National Assembly (NA) Chairman Vuong Dinh Hue arrived at Heathrow Airport in London on June 28 (local time), beginning his three-day official visit to the UK.

Vietnam to establish industrial environmental index

The Ministry of Planning and Investment (MPI) has called for the implementation of an industrial environmental index in Vietnam, according to Le Thanh Quan, head of MPI's department of economic zone management.

Rising costs cast doubt on wood companies growth prospects

As wood export turnover is rebounding with rising demand in the domestic market, the revenues of wood enterprises are expected to advance.

Vietnam’s GDP expands 7.72% in second quarter of 2022

Vietnam’s Gross Domestic Product (GDP) in the second quarter of this year was estimated to increase 7.72% year-on-year, higher than the growth rates in the same quarters during the 2011-2021 period.

Danish Crown Prince Couple to visit Vietnam in November

Wind energy and energy efficiency will be in focus during the visit, which will take place on November 1-2.
back_to_top