October car import volume up

October car import volume up

About  一 一,000 cars were imported into Việt Nam in October this year, worth US$ 二 三 三 million, according to estimates by the General Statistics Office (GSO).— Photo otoxemay.vn

HÀ NỘI — About  一 一,000 cars were imported into Việt Nam in October this year, worth US$ 二 三 三 million, according to estimates by the General Statistics Office (GSO).

The figures increased by  八 九 per cent in volume and  五0 per cent in value in comparison with the same period last year.

The recovery of auto imports last month was attributed mainly to the demand for cars at the end of the year.

The market has shown promising signs in recent times. At the Vietnam Motor Show  二0 一 八, which was held in HCM City on October  二 四 with the participation of  一 五 global auto brands showcasing  一 二0 cars,  八 八0 vehicles were sold in five days, of which most new models were imported.

At the start of this year after the Government issued Decree  一 一 六 with conditions for production, assembly, import and business of automobile warranty and maintenance services, auto imports dropped.

With supply falling, retail prices increased which hit purchasing power across the market.

Consumer demand is currently high, especially after a long wait since last year, so the market for imported cars is expected to boom at the year-end.

The GSO report also showed that total cars imports from January-October were estimated at  五 一, 二 九 五 units, worth nearly $ 一. 一 六 billion, decreasing by  三 三. 八 per cent in volume and  三 二. 一 per cent in value. — VNS