Imports of automobiles accelerate in March

Wednesday, April 7, 2021  15:33

The import of automobiles increased dramatically in March, according to figures released by the General Department of Customs (GDC).

But although more and more cars are coming into Vietnam, purchasing vehicles tends to slow at the beginning of the year.

Statistics show that last month more than US$347 million worth of CBU (Completely Built-up Units) were brought into the country.

This was an increase of 69.3% in volume and 66% in value compared to the previous month and almost matching the figures for the first two months combined.

In the first quarter of 2021, 35,367 cars worth US$770 million were imported, up 31.1% in volume and 35% in value against the same period last year.

Industry insiders attributed the surge to the increasing demand of transport businesses and private use after the economy stalled due to COVID-19.

While car dealers remained cautious about the prospect of the car market, many expected more positive sale figures for the second quarter given the launch of many new models.

Automobile sales have continuously declined in the first two months of the year.

The Vietnam Automobile Manufacturers Association (VAMA) reported that car sales in February 2020 stood at only 13,585 units, down 48.6% compared to the first month of the year.

Car purchasing power in the first month of 2021 also suffered a decline of 45% compared to the previous month.