Automobile import in Vietnam declines by 29.7% in 5 months

Vietnam’s automobile import down 29.7% in 5 months

Vietnam spent nearly $2.2 billion on importing completely-built automobiles and components for assembly in the first five months of this year, posting a year-on-year decrease of 29.7 per cent.

Specifically, the country imported 36,786 completely-built automobiles worth $800 million, down 42.5 per cent in volume and 44 per cent in value, according to the country’s Ministry of Industry and Trade on Thursday.

Complex developments of the COVID-19 outbreak have weakened demand since early February, causing plummeting sales and forced several automakers to halt production and assembly activities in the country, the Vietnam Automobile Manufacturers Association said.

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In 2019, Vietnam spent over $7.4 billion importing completely-built automobiles and components for assembly, witnessing a year-on-year rise of 37.3 per cent.

Specifically, the country imported roughly 141,700 completely-built automobiles worth more than $3.2 billion, seeing respective surges of 71 per cent and 75.8 per cent.

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