Car imports surge before "ghost month"

According to statistics recently released by the General Department of Customs, in July, the country imported 17,233 complete cars, with a total turnover of 343.8 million USD, an increase of 8.5% in volume and 10.6% in turnover compared to the previous month.

July is also the month with the highest number of imported cars since the beginning of the year. In fact, the developments of previous years also show that car imports increased strongly in July. Many people believe that this is to avoid the 7th lunar month, which is commonly known as the "ghost month". Every year, in the 7th lunar month (usually August in the solar calendar), the number of imported cars also decreases sharply.

The results achieved in July helped automobile import activities in the first 7 months of the year regain growth momentum. Accordingly, by the end of July, the country imported 91,637 automobiles, with a total turnover of 1.89 billion USD, up 14.8% in volume and 0.9% in turnover compared to the same period in 2023.

Car imports surge before ghost month (Photo: VPG).

The top three names are all from Asia, including Indonesia, Thailand and China. Indonesia leads in the number of imported cars with 38,040 cars, worth 557.3 million USD. Thailand ranks second in quantity with 32,717 cars, while the value leads with 628.6 million USD. With 17,235 cars, worth 521.65 million USD, China ranks third in quantity but second in value.

With 87,992 vehicles, the top 3 markets account for 96% of the country's total imported cars.

The market in the first half of the year had one point: most customers were looking forward to preferential policies on registration fees for domestically produced and assembled cars. This led to a slowdown in the liquidity of assembled cars at dealerships, leading to an increase in the market share of imported cars.

If the registration fee incentives are implemented, manufactured and assembled cars will have a chance to regain sales momentum. On the other hand, to increase competitiveness, imported cars are likely to increase promotions to compete with assembled cars. However, the Government has not yet made an official announcement regarding the reduction of registration fee incentives.

Source: https://dantri.com.vn/kinh-doanh/nhap-khau-xe-tang-manh-truoc-thang-co-hon-20240816161224280.htm