Vietnam imported 120,000 assembled cars worth 2.66 billion USD in the first ten months of this year, according to the General Department of Vietnam Customs.
Vietnam imported 120,000 assembled cars worth 2.66 billion USD in the first ten months of this year, according to the General Department of Vietnam Customs, VNA reports
The numbers represent increases of 125 percent in volume and 122 percent in value year-on-year, the department said.
According to a report on Wards Auto, sharp increase in imports of cars into Vietnam has underlined how the southeast Asian country of 96 million people could become a major auto market, especially as Vietnamese drivers move from motorcycles to cars.
In October alone, 13,000 cars valued at 273 million USD were imported into Vietnam. The department also said October saw complex developments in cross-border smuggling.
Between September 16 and October 15, customs officers detected 1,396 smuggling cases worth 169.48 billion VND (7.29 million USD), contributing 13.24 billion VND to the State budget./.
The Vietnamese government’s Industrial Policy and Strategy Institute predicts between 750,000 and 800,000 will be sold annually by 2025, up from 288,683 in 2018. By 2035, it predicts annual sales will be between 1.7 million and 1.8 million.