Car imports plummet nearly half

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.