Customs Updated Data About Price of Imported Automobiles

Implementing the regulation at Point C, Clause 4, Article 29, Decree No.116/2017/NĐ-CP dated 17/10/2017 of the Government about “Regulation on production conditions, manufacturing, importing and operating service of car warranty and maintenance”. Customs IT and Statistic Department (General Department of Vietnam Customs) has built up and updated the database of imported automobile prices on the Customs Portal monthly.

According to Customs IT and Statistics Department, the content is included AHTN code (ASEAN Harmonized Tariff Nomenclature) in accordance with Vietnam's import and export goods list; describes goods by following to the list of import and export goods; country/territory of origin; unit of calculation (unit); quantity (total volume of imports in the reporting month); unit price (the average unit price in customs declaration for the reporting month in USD); turnover (total import turnover in the reporting month accountable by value in customs declaration in USD).

According to the latest information of the General Department of Vietnam Customs, in the first 15 days of 1/2019, the whole country imported 6,362 completed cars, worth nearly $US 158 million, a sharp increase compared to the same period in 2018.

In that, cars with less than 9 seats accounted for the majority with 4,264 cars, total value was nearly 96 million USD. Thus, the average value of an imported car is $US 22,500 (excluding tax), equivalent to 523 million VND.

The results of automobile import in the first days of the year increased sharply compared to the same period last year, when the first 15 days of 2018 was only 47 vehicles with a total turnover of nearly $US 5.5 million.

Hence, the number of imported cars increased by 135 times and turnover increased by nearly 29 times, compared to the same period last year.

In fact, in the first months of 2018, due to difficulties in implementing Decree 116/2017/ND-CP relating to the conditions of import car for business (valid in 1/1/2018), the volume of imported vehicles suddenly decreased.

In 2018, the country imported 81,609 cars, with a total turnover of $US 1.8 billion, reduced by 16.1% in quantity and 19.8% in value compared to 2017.

The rate of decline in turnover is higher than output, it showed that the average import value per vehicle in 2018 is lower than in 2017.

 

By Thái Bình/Thanh Thuy (Source: VCN)