Vietnam November auto imports up 16%

Vietnam’s auto trading companies imported 5,499 fully built cars worth of US$92.7 million in November, a rise of 16.4% from October, according to the General Department of Customs.

Vietnam’s auto trading companies imported 5,499 fully built cars worth of US$92.7 million in November, a rise of 16.4% from October, according to the General Department of Customs.

Between January and November, the country imported 46,940 complete-built cars worth $856.4 million, representing a fall of 32.3 percent and 20.5 percent from a year ago.

The increase in auto imports in November is attributed to the higher domestic demand at the end of the year. However, the rise in November this year is still lower than that of recent years due to the stronger US dollar.

Between January and November, Vietnam imported $1.74 billion worth of auto parts and accessories, up 9.7 percent from last year.

The Ministry of Finance has recently issued a circular on lowering auto import tariffs from January 1, 2011 for autos which have nine seats or less and have cylinder capacity of up to 2.5L or those with cylinder capacity above 2.5L or more.