Vietnam CBU automobile import -20.5% to $76Mln in Feb

Vietnam is estimated to import $76 million worth of 4,500 complete built unit (CBU) automobiles in Feruary, sharply falling by 20.5% on-month for value and 17.8% for quantity

Vietnam is estimated to import $76 million worth of 4,500 complete built unit (CBU) automobiles in Feruary, sharply falling by 20.5% on-month for value and 17.8% for quantity, online newspaper VnEconomy reported on February 28, citing the General Statistics of Vietnam (GSO).

The tumble was attributed to the fact that the domestic demand regularly drops after the peak-season on Tet holiday. Meanwhile, the retail prices of imported car have sharply increased after the devaluation of VND this month.

The fall was also partly due to higher cost of imported car after an 8.5% dong devaluation this month.In the market, the prices of imported cars have risen up to hundreds of VND millions per unit.

In Jan-Feb, the country is estimated to import 10,600 units worth $179 million.

Last year, Vietnam’s imported CBU automobile fell 33.2% from 2009 to 53,841 units worth $978.5 million.

Meanwhile, the country cut the imported CBU motorbike to 10,000 motorbikes worth $14 million, down 17.4% for quantity but up 3.3% for value on year.