Auto imports from India surge
The import of completely built-up (CBU) autos from India in May jumped more than 20 times from February to over 3,500 units with an average price of only VND112 million (US$4,870).
According to the Ministry of Industry and Trade, most of the vehicles imported from India in the period were mainly 4-seat cars and small vans.
Of the total volume, Vietnam bought 12,538 cars from Thailand, 7,696 from the Republic of Korea, and 5,918 from India.
Statistics from the ministry showed that Vietnam imported 41,238 cars worth US$968.18 million from January to May.
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Under the latest Law on Special Consumption Tax approved by the National Assembly, the cars with the cylinder capacity of 1.5 litre and lower will be taxed 40%, or 5% lower than now, from July 1, 2016.
Meanwhile, the tax rate of 35%, or 10% lower than currently, will be applied from January 1, 2018.
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