Vietnam’s Auto Imports to Increase in 2007-2008

Vietnam’s auto imports to increase in 2007-2008

HANOI, Nov. 23 (Xinhua) — Vietnam is estimated to spend 372 million U.S. dollars this year, and 431 million dollars next year on importing completely-built automobiles, mostly cars, up from 212 million dollars last year, according to local newspaper Vietnam Economic Times on Friday.

Also, the country is predicted to spend some 700 million dollars in 2007, and 900 million dollars in 2008 on importing automobile components and parts for assembly, up from 505 million dollars in 2006, the newspaper quoted the Vietnamese Ministry of Industry and Trade as reporting.

Lower automobile tariffs are mainly attributed to the expected bigger vehicle imports. Vietnam slashed import tax on cars to 60 percent in October from 70 percent in August and 80 percent earlier.

Vietnam with a population of 84 million currently has nearly 1.1 million private-owned cars, according to the latest statistics from the country’s Transport Ministry.

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