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Automobile, electronic imports pick up
2011-0615
The General Statistics Office (GSO) reported high import volumes in Vietnam of cars, computers and electronic products in the first five months of this year.
This month alone the value of car imports reached US$132 million with 5,500 completely built-up unit (CBU) imported.
Since January, GSO revealed, the number of CBU cars imported into Vietnam hit 26,900 with an import value of nearly US$524 million, increasing by 45.7% in quantity and 65.4% in value against the same period last year.
If automobile components for local assembly are included, the total value of automobile imports in the January-May period reached US$1.339 trillion, an increase of 23.7%.
The country reported strong growth in imports of computers, electronic products and spare parts this year. This month, the country imported more than US$500 million worth of computers, electronic products and spare parts, up 20% compared to last month.
The nation is estimated to have spent US$2.26 billion on importing computers, electronic products and spare parts in the first five months of this year, up 27.1% year-on-year.
The products were imported from Asian countries like China, Korea, Malaysia, Japan, and Thailand.
Also, the nation’s highest import value for these products was from China. This showed that the pressure from Chinese electronic products dislodged rival nations
By opening the retail market from 2009, along with the tax reduction roadmap under the Vietnam-Japan Economic Partnership Agreement (VJEPA), the Asean-China Trade Agreement, and the ASEAN Free Trade Area (AFTA) agreement, Vietnam’s import spending for electronic goods and components is on the increase. And it could get even higher with increased demand for laptops, PCs, cars and TVs.
Experts are worried about the trade gap. It shows that there is a new trend to change from manufacturing in these sectors to distribution from manufactures after Vietnam opened the distribution market for foreign investors.
This month alone the value of car imports reached US$132 million with 5,500 completely built-up unit (CBU) imported.
Since January, GSO revealed, the number of CBU cars imported into Vietnam hit 26,900 with an import value of nearly US$524 million, increasing by 45.7% in quantity and 65.4% in value against the same period last year.
If automobile components for local assembly are included, the total value of automobile imports in the January-May period reached US$1.339 trillion, an increase of 23.7%.
The country reported strong growth in imports of computers, electronic products and spare parts this year. This month, the country imported more than US$500 million worth of computers, electronic products and spare parts, up 20% compared to last month.
The nation is estimated to have spent US$2.26 billion on importing computers, electronic products and spare parts in the first five months of this year, up 27.1% year-on-year.
The products were imported from Asian countries like China, Korea, Malaysia, Japan, and Thailand.
Also, the nation’s highest import value for these products was from China. This showed that the pressure from Chinese electronic products dislodged rival nations
By opening the retail market from 2009, along with the tax reduction roadmap under the Vietnam-Japan Economic Partnership Agreement (VJEPA), the Asean-China Trade Agreement, and the ASEAN Free Trade Area (AFTA) agreement, Vietnam’s import spending for electronic goods and components is on the increase. And it could get even higher with increased demand for laptops, PCs, cars and TVs.
Experts are worried about the trade gap. It shows that there is a new trend to change from manufacturing in these sectors to distribution from manufactures after Vietnam opened the distribution market for foreign investors.
Source: SGT
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