Vietnam car imports stand still at 5000 units in September

Vietnam’s car imports are expected have been flat at 5000 units in September and likely to fall in October.

Vietnam is estimated to have imported 5000 cars under the mode of complete built unit (CBU) worth of $95 million in September, compared with the August corresponding figures of 5000 cars valued $92 million, the General Statistics Office said.

The Office expects another 5000 CBU cars worth $76 million to be imported in October, a sharp fall in import turnover from previous two months.

The fall in this expensive commodity is attributed to the correlation of the industry with the stocks market which has been sluggish this year, trending down while the dollar and gold prices soared. The flat car import also came from the fact that local consumers are switching to the home-made cars, fearing of car quality after recent recalls in the global markets and lured by promotion provided by local car makers.

The GSO estimated that in Jan-October this year, Vietnam imported about 42,000 cars worth $759 million, down 28.4% in volume and 17.4% in value.

It should be noted that car import turnover fell steadily from July this year and the GSO expected to see a sharp fall in car import turnover in the remaining months of the year.