Price of imported cars from Germany increased of tens of thousands of US dollars

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BWM cars at VICT- Ho Chi Minh City Photo: Le Thu

According to information from the General Department of Vietnam Customs, until the end of May 2017, the total volume of imported CBU cars from Germany was 568 units, total turnover (excluding taxes) was US$ 38.663 million.

Thus, the average price of an imported car from Germany is US $ 68,068 (excluding taxes) which is much higher than its the same period of 2016.

In the same period of 2016, the average price (excluding taxes) of an imported car from Germany was only US$ 29,536 (total imported cars were 1,356 units worth nearly US$ 45,369 million).

Chart of total volume, turnover and average import price of CBU cars from Germany. Chart by: T.B

Currently, Germany is one of the markets with the highest imported car prices to Vietnam.

Notably, in the same period of 2016, Vietnam was still importing BMW cars.

However, from November 2016 to now, the Ministry of Finance has directed Customs to suspend Customs clearance for BMV cars in order to clarify the violations of Euro Auto Joint Stock Company in Vietnam regarding imports of authentic BMW cars.

Specifically, on November 30, 2016, the Ministry of Finance issued Dispatch No.17041/BTC-VP to the General Department of Vietnam Customs on anti-smuggling and anti-trade fraud for car imports.

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Pursuant to the provisions of the relevant legal normative documents and in order to prevent smuggling, trade fraud, tax evasion, as well as ensure the interests of consumers, the Ministry of Finance requested the General Department of Customs to suspend Customs clearance for imported BMW cars (except for preferential cases or diplomatic exemptions).

Concurrently, the Ministry of Finance also requested the General Department of Vietnam Customs to work with the Supreme People's Procuracy to consider and prosecute the violations of Euro Auto Joint Stock Company as per regulations.