Vietnam Car Imports Rise 15.1pct During First Half Of 2011 Despite Deterrents

Statistics reveal that imports of cars into Vietnam have gone up by 15.1 percent in volume during 2011 and 16.5 percent in value as compared to the similar period in the previous year.

Taking into account only the month of October 2011, it was noticed that 3000 units worth $46 million were imported into Vietnam however this is less than 4000 units which were imported in September with a value of $69 million.

Though import value was lower this could be attributed to the fact that certain unauthorised companies were not allowed to import cars. Corporate Finance Department which is under the purview of Ministry of Finance has also sent a letter to general Department of Customs stating methods to restrict import of four wheelers into Vietnam.

Increased auto registration fees to a tune of 20 percent was put forth to deter imports of cars. These excess levies of 10 percent to 20 percent on auto registration were applicable in cities and provinces of Vietnam.