Imports of cars with less than 9 seats continue to rise

VCN-Despite the decrease of the total volume of whole-car imports compared with the same period in 2015, cars with less than 9 seats, the major imported vehicle type, still increase in volume and accelerate in value.
imports of cars with less than 9 seats continue to rise

According to the latest information from the General Department of Customs,from the beginning of this year to September 15th, Vietnam imported 72,528 automobiles of all kinds, with a total turnover close to $US 1.66 billion.

Thus, compared to the same period of 2015, both the volume of all cars and the value of imports fell sharply.Specifically, the volume decreased 6,323 cars, equivalent to 8.7%, while the turnover also fell sharply by nearly 20.5% (equivalent to about$US 340 million).

But it is worth noting that, the two main types of imported vehicles, which are cars with less than 9 seatsand trucks, increased in volume compared to the same period of 2015. In particular, cars with less than 9 seatsincreased in both volume and value, which trucks increasing in volume but decreasing in value.

Specifically, up to September 15th, Vietnam imported 30,136 cars with less than 9 seats, which is 1,440 vehicles more compared to the same period in 2015, equivalent to 5%, while the value reached $US484 million, up $US 152 million, equivalent to nearly 48%.

Thus, in terms of the average value, cars with less than 9 seatsimport price this year is $US 16,000/unit, while in the same period in 2015, it was only $US 11,570/unit.

However, the trend of imported cars with less than 9 seatsin recent months are turning to small cars with a capacity of 1.5L or less.

According to a recent thematic report from the General Department of Customs, the volume of imported cars in July 2016 (the start of a special consumption tax calculated under the new rules)was10,800 units, an increase of 25.1%, but the value was only $US 208 million, 16% less than the value of the previous 6 months.

According to the explanation of the General Department of Customs,the cause of the increase in volume, but a decrease in value is that in the first 6 months of the year, enterprises focused on importing vehicles with large capacity and high value (capacity of 2.5L or more), the subject of the adjustment special consumption tax increase from July 1st.

imports of cars with less than 9 seats continue to rise

This trend is most obvious in the cars with less than 9 seatssegment. Specifically, in July, the volume of imported cars with less than 9 seatsreached 5,100 units, an 46.5% increase compared to June but import value reached only $US53 million, down 49.5%.

Therefore, cars with less than 9 seats prices as of July only reached $US 10,300/unit, which is nearly 1/3 of the average price $US 29,900/unit in June.

Related to the trend to reduce the import of automobiles, especially vehicles with large capacity, in a discussion with this reporter, Head of Export-Import Tax Division (Customs Department of Da Nang, one of the units having the largest volume of cars with less than 9 seatsimports in the first months of the year) Tran Van Anh said, by the end of August, revenue from imported automobiles increased by 400% the same period in 2015, contributing nearly 32% of total revenues of the Department.

However, all the automobiles imported in Da Nang Customs were done in the first 6 months of the year. From July 1st to the present, because of the tax increase of the large capacity vehicles (from 1.5L or more), there was no automobile import case executed in this Department.

By T.Binh/ Duy Duc

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