Car imports plummet nearly half
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Vietnam imported 44,973 cars in the first seven months, down 47.5 percent year-on-year amid a slump in auto demand due to Covid-19.
The value of the cars was around $1 billion, falling by 47 percent year-on-year, according to Vietnam Customs. Over 80 percent of the cars were imported from Thailand and Indonesia, tax-free under the ASEAN Trade in Goods Agreement. Thailand accounted for 19,944 units and Indonesia for 17,723.
July saw a recovery from the previous month to 4,760 cars worth $107.7 million, up 34 percent and 10 percent. Auto sales in the first seven months fell 28 percent year-on-year to 131,200 units, with the Vietnam Automobile Manufacturers Association (VAMA) blaming it on a fall in demand due to the pandemic.
Questions & Answers
Q.What was the total value of the cars imported into Vietnam during the first seven months of the year?
What was the total value of the cars imported into Vietnam during the first seven months of the year?
The value of the imported cars was approximately $1 billion. This figure represents a 47 percent decrease compared to the same period in the previous year, according to data from Vietnam Customs.
Q.Which two countries were the primary sources for car imports into Vietnam?
Which two countries were the primary sources for car imports into Vietnam?
Thailand and Indonesia were the main sources, collectively supplying over 80 percent of the imported cars. Specifically, Thailand accounted for 19,944 units and Indonesia for 17,723 units during the period mentioned.
Q.What caused the overall decline in car imports and sales during the first seven months?
What caused the overall decline in car imports and sales during the first seven months?
The slump in auto demand due to the Covid-19 pandemic is cited as the reason for the decline in both imports and sales. The Vietnam Automobile Manufacturers Association (VAMA) attributed the fall in demand to the pandemic's impact.
Q.Did car imports show any sign of recovery towards the end of the reported period?
Did car imports show any sign of recovery towards the end of the reported period?
Yes, July saw a recovery in imports compared to the previous month. 4,760 cars were imported, valued at $107.7 million, marking increases of 34 percent in units and 10 percent in value respectively.
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