Update news vietnam's automobile market
Vietnamese firms spent over 903 million USD in the first quarter importing 41,780 completely-built-up (CBU) cars, according to a report by the General Statistics Office (GSO).
Thailand once again led the market in terms of value and the number of CBU (complete built unit) cars imported to Vietnam in February 2023.
Brand-new automobiles will be exempt from the first mechanical check under a revised circular on technical safety and environmental protection promulgated by the Ministry of Transport.
The Vehicle Importers Vietnam Association (VIVA) has submitted a request to the Government seeking approval for a 50% reduction in registration fees for imported automobiles, matching the fee structure proposed for locally-made cars.
The nation has overtaken the Philippines to become the ASEAN region’s fourth largest automobile consumption market, behind only the Philippines, Thailand, Indonesia, and Malaysia, according to details given by the Ministry of Industry and Trade.
The Ministry of Finance (MOF) is working on an amendment to the Special Consumption Tax (luxury tax) Law to further slash tax rates on electric cars and hybrids.
Domestic auto distributors reported robust revenues and high profits in 2022 thanks to a significant increase in car sales.