Vietnam Car imports plummet in August
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Vietnam imported around 9,000 completely built-up cars in August, down from the average of 12,500 in the previous seven months.
The imports cost $174 million, according to the General Statistics Office.
Imports dropped sharply in August because it coincides with the seventh lunar month, traditionally called the “ghost month” in which locals avoid buying new things to avoid bad luck, said car dealerships.
Vietnam imported over 96,000 CBU units worth a total of $2.1 billion in the first eight months of this year.
This represents an increase of 320 percent in volume and 300 percent in value from the same period last year, when the government issued a decree with tougher conditions, requiring importers to provide certain certificates to ensure quality and countries of origin.
Vietnam imported 72,650 cars last year, down nearly 20 percent over 2017, according to Vietnam Customs. But their value exceeded $1.64 billion, up 21 percent.
Questions & Answers
Q.Why did car imports fall significantly in August?
Why did car imports fall significantly in August?
Car dealerships explained that the sharp drop in August coincided with the seventh lunar month, known as the 'ghost month'. During this traditional period, locals tend to avoid purchasing new items to prevent bad luck.
Q.How do August 2024 import figures compare to the monthly average before then?
How do August 2024 import figures compare to the monthly average before then?
Vietnam imported approximately 9,000 completely built-up cars in August. This figure is lower than the average of 12,500 units imported per month during the preceding seven months of the year.
Q.What was the total value of imported cars in the first eight months of this year?
What was the total value of imported cars in the first eight months of this year?
In the first eight months of this year, Vietnam imported completely built-up units worth a total of $2.1 billion. This represents a substantial 300 percent increase in value compared to the same period last year.
Q.What caused the significant increase in import volume and value this year compared to last year?
What caused the significant increase in import volume and value this year compared to last year?
The large increase in import volume and value from last year is because the government had previously issued a decree. This decree imposed tougher conditions, requiring importers to provide specific certificates concerning quality and countries of origin.