Business / Auto Global

Vietnam's auto imports from China sharply increase

(Xinhua) Updated: 2014-10-29 16:11

HO CHI MINH CITY -- The total number of complete automobile imports to Vietnam in the first 10 months of this year was estimated at 51,000 units, worth $1.12 billion, up 76.1 percent in volume and 93 percent in value year on year, the Vietnam Department of Customs reported on its website on Wednesday.

Of the total number, auto imports from China have sharply increased, especially in recent months.

Specifically, in September alone, Vietnam imported 1,359 automobiles from China, worth $52 million, pushing the nine-month figures to 8,388 units and nearly 328 million dollars, an increase in number of almost 200 percent compared to the same period last year.

Besides, during the nine-month period, Vietnam imported 11,635 automobiles from South Korea, worth over 197 million dollars, and 8,660 units from Thailand worth $140 million.

With the auto import growth of 93 percent in the first nine months compared with last year's corresponding period, domestic automobile manufacturers said that it will be a big challenge to the Vietnam's automobile industry.

A representative of one Vietnamese automobile manufacture, who required not to be named, said that with the current prices and import tax for the complete automobile imports in Vietnam, the country is forecast to be among the world's largest automobile importers, which would make the domestic auto making industry backward due to tough competition with its foreign counterparts, reported the customs office.

Vietnam's auto imports from China sharply increase

Vietnam's auto imports from China sharply increase

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