Exports of autos and auto parts grew strongly in the first haft of 2017, reaching US$3.32 billion, but imports of autos and auto parts fell, according to the General Statistics Office.
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| File photo of an employee at work at a Dong Nai Province-based Bosch Vietnam facility that produces pushbelts for continuously variable transmissions (CVT) in automobiles - |
Exports of autos and auto parts grew strongly in the first haft of 2017, reaching US$3.32 billion, but imports of autos and auto parts fell, according to the General Statistics Office.
Vietnam imported about 8,000 completely-built-up (CBU) autos worth US$176 million in June, raising the total in January-June to 51,000 units worth US$1.05 billion.
Compared to the same period last year, CBU auto imports in the first six months edged up 3.5% in volume but dipped by 14.2% in value, an indication that most of the imported autos were of lower value than the same period last year. Besides, import tariffs on CBU autos from ASEAN countries were down from 40% to 30%, prompting vehicle imports from regional markets.
Since mid-2016, the country has imposed higher special consumption tax rates on high-capacity autos, leading to lower import demand for such autos.
According to the General Statistics Office, imports of autos and auto components in the first half reached nearly US$2.7 billion, down 7.5% year-on-year.
Meanwhile, exports of autos and auto components in January-June rose 15.2% year-on-year to US$3.32 billion.
There are no specific statistics on the items which the auto industry exports and on its markets, but according to experts, the industry mainly ships autos and auto parts to other countries in the global supply chain.
A report of the General Statistics Office said that in the first six months, the country exported US$8 billion worth of goods to Japan, with vehicles and vehicle exports increasing 15.2% year-on-year.
Experts said most of the country’s auto and auto components exports came from foreign-invested firms.
(Source:SGT)
