Imports of automobiles accelerate in March

Vietnam recorded a surge in car importation in March (Photo: VNA)

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

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

This was an increase of 69.3 percent in volume and 66 percent 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 770 million USD were imported, up 31.1 percent in volume and 35 percent 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 car market, many expected more positive sale figures for the second quarter given the launch of many new models.

Automobile sales has 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 percent compared to the first month of the year.

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

VNA