Import cars, especially under-nine-seaters, have been flooding Vietnam and putting pressure on domestic automobile manufacturers. Vietnam’s FTAs are heavily boosting car imports from the ASEAN According to the report on the Vietnamese automobile market after the entry into effect of the ASEAN Trade in Goods Agreement (ATIGA), which has just been released by the Ministry of Industry and Trade (MoIT), completely built-up (CBU) vehicle imports from ASEAN countries have raised sharply. In 2018, 81,609 cars were imported into Vietnam, valued at $1.8 billion, down 16 per cent in volume and 19.8 per cent in value compared to 2017. However, in the first half of 2019, 75,438 cars were brought into the country at the value of $1.68 billion. These figures imply 5.13 times higher quantity and 4.13 times higher value compared to the same period last year, and almost equivalent to the value of the entire last year. “Based on the speed of CBU cars flowing into Vietnam over the last quarters, their number, especially under-nine-seat, is anticipated to increase sharply and remain high in the next years,” the MoIT reported, adding that cars with fewer than nine seats imported to Vietnam make up 70 per cent of the total… Read full this story
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