Deputy Prime Minister Trinh Dinh Dung has urged the ministries of Transport and Industry and Trade to implement current policies and assist in the removal of obstacles for auto businesses. His request is aimed at enabling auto businesses to develop their operations in Viet Nam. This is part of the Government Office’s concluding report that Dung released at the last week’s meeting on reviewing the implementation of Government’s Decree 116/2017/ND-CP. The decree stipulates the conditions for production, assembly, import and business of automobile warranty and maintenance services, issued on October 17 last year. After a period of validity, Dung said many policies and regulations had met the requirements of automobile development in Viet Nam, especially Decree 116 and the transport ministry’s Circular 03, which aims to clarify the regulations of Decree 116, helping automobile importers implement procedures when they import autos to the Vietnamese market, said the … [Read more...] about Gov’t to smooth way for auto firms
Gerber 06 auto drop point
Auto imports drop following government’s new decree
Only 337 cars of all kinds were shipped to the country, according to data of the General Department of Customs. Of the imports, there were only 17 passenger cars with nine seats or less, amounting to 567,000 USD. Notably, no cars were imported from Indonesia and India. Photo for illustration only In 2017, Indonesia was among the top countries after Thailand with the highest number of exported cars to Vietnam. India too had a relatively large number of exported vehicles in 2016. However, in January this year, both the countries did not export any car to Vietnam. Meanwhile, Thailand lost its recognition as the largest import car market in Vietnam, with only 36 vehicles exported to the country since the beginning of the year. Among the automobile export markets to Vietnam in January 2018, Russia suddenly rose to the top, with 159 vehicles being exported, worth 274 billion VND (12.03 million USD), equivalent to 1.7 billion VND each. Under a deal on autos signed between … [Read more...] about Auto imports drop following government’s new decree
Auto dealers fear sales slump on possible fee cuts
Auto dealers fear sales slump on possible fee cutsQuoc Hung By Quoc Hung - The Saigon Times Daily HCMC – Auto manufacturers and dealers are concerned that their sales might go down since a possible car registration fee reduction could lead consumers to suspend their purchase plans. The Government is working on the draft of a resolution thrashing out measures designed to help the corporate sector the difficulties for production and business activities, including lowering the automobile registration fee. If the resolution comes out, the fee for cars with fewer than 10 seats would fall to 10%. The auto market has long been sluggish, so the forthcoming Government move would drive up auto consumption, especially in the shopping season in the lead up to the Lunar New Year holiday. Some said the timing of the car registration fee cut is not appropriate. A source from Ford Vietnam said the company had asked some customers to take delivery in late December, but those buyers have asked for … [Read more...] about Auto dealers fear sales slump on possible fee cuts
Auto imports in record drop in January: GSO
Some 1,000 cars worth US$94 million were imported to the Vietnamese market in January, reports the General Statistics Office.This marks a record drop of 86.2 per cent in volume and 38 per cent in value compared to the previous month.The drop comes after auto businesses, including Toyota Motors Vietnam and Honda, stopped importing autos due to the government’s Decree 116, which tightens control over quality, technical safety and environment protection of imported autos.Speaking at the government’s monthly press conference on February 2, minister and chairman of the Government Office Mai Tien Dung, said a number of embassies and organisations had sent letters to the Prime Minister proposing him to direct relevant ministries and sectors to reconsider the decree.Dung said the Vietnam Automobile Manufacturers’ Association had submitted four letters of recommendation to the government to remove difficulties, saying that the provisions in the decree were … [Read more...] about Auto imports in record drop in January: GSO
VN-Index jumps over 13 points
VN-Index jumps over 13 pointsPhuong Thao HCMC – The local stock market bounced back strongly after dropping in the morning, and closed the session on January 15 on a positive note, with the VN-Index jumping a massive 13.36 points, or 1.27%, at 1,063.47. Turnover on the HCMC contracted against last Friday as trading volume and value slid 17.7% and 22% at 292.7 million shares worth VND7.7 trillion. The VN30 saw up to 21 stocks rising while seven others declined. Dairy firm VNM and consumer goods enterprise MSN were among key losers, falling 0.7% and 0.22% respectively. In contrast, VIC, a property enterprise, advanced over 2.1% at VND87,200 a share on matching volume of nearly four million shares. Meanwhile, low-cost carrier VJC jumped 3.5% at VND160,900 a share and leading fuel distributor PLX increased 4.4% at VND90,500 per share. In the banking sector, VCB closed at the intraday high of VND60,000 per share, up 3.4% versus the previous day, and reported matching volume of over … [Read more...] about VN-Index jumps over 13 points
January auto sales grow 16% y-o-y
January auto sales grow 16% y-o-yQuoc Hung By Quoc Hung - The Saigon Times Daily HCMC – Auto sales reached 23,165 units in the first month of the year, rising by 16% year-on-year, the Vietnam Automobile Manufacturers Association (VAMA) reported. Last month saw member companies of VAMA selling 14,090 passenger cars, 8,200 commercial autos, and 875 special-purpose vehicles. These figures represented respective declines of 16%, 28.4% and 24% against the previous month. January auto sales dropped 21% compared to the previous month, according to VAMA. VAMA said sales of domestically-assembled and imported autos fell last month compared to December, with respective slides of 7.5% to 17,379 units and 45% to 5,786 products. However, last month’s auto sales went up by 16% year-on-year. Passenger cars picked up 3%, special-purpose vehicles grew 5% and commercial autos rose 50%. Consumption of domestically-assembled autos increased by 29% while imported completely built-up (CBU) units … [Read more...] about January auto sales grow 16% y-o-y
Market drops on low turnover
Market drops on low turnoverPhuong Thao HCMC – The local stock market on December 21 declined as profit takers took the upper hand at the last minute”, pushing the VN-Index down 7.45 points, or 0.78%, versus the previous day at 946.06. There were 213.6 million shares worth VND5.8 trillion exchanged on the HCMC bourse, down 3.15% and 8% respectively. The put-through market was active with 66.8 million shares worth more than VND1.5 trillion traded. Large caps SAB and ROS remained key laggards. SAB, a leading stock in the beverage sector, lost a hefty 6.4% after plunging to the floor prices in two sessions in a row, closing at VND249,200 a share while construction firm ROS fell 4.3% at VND160,300 per share on volume of 3.3 million shares. Other heavyweights such as dairy firm VNM and leading gas group GAS advanced but they were not strong enough to prop the main index. Steelmaker HPG inched up 0.23% at VND44,100 per share, extending its winning streak to the seventh straight … [Read more...] about Market drops on low turnover
Auto sales drop 16% in March
Auto sales drop 16% in MarchBy Quoc Hung - The Saigon Times DailyHCMC - Sales of locally assembled automobiles in Vietnam in March fell 16% year-on-year to nearly 9,300 units, according to the Vietnam Automobile Manufacturers Association (VAMA)Despite the annualized fall, March sales still increased by nearly 4,270 units over February. Overall sales in the first three months of this year were down 2% compared to the same period last year, from over 21,683 to 21,290 units, of which sales of SUV/MPV cars fell by 39% and commercial cars fell by 2%, while passenger cars increased by 80% to 6,500 units. Toyota held the market lead with sales amounting to nearly 7,130 units, up 34%, followed by Vinamotor with nearly 2,600 units, down 21%, Truong Hai with nearly 3,950 units, up 27%, Vinaxuki with nearly 1,990 units, up 30%, GM Daewoo with over 1,880 units, down 15%, Ford Vietnam with more than 1,210 units, down 29%, and Mercedes-Benz Vietnam with 473 units, down 34%. The auto industry this … [Read more...] about Auto sales drop 16% in March
Auto sales drop extended
Auto sales drop extendedBy Quoc Hung - The Saigon Times DailyThis was the fifth consecutive monthly decline in auto sales for local manufacturers.VAMA blamed the poor sales on a 46% decrease in demand for sport utility vehicles (SUV) and multi-purpose vehicles (MPV) which have been Vehicles with cylinders exceeding two liters are subject to a 50-60% tax, while those with cylinders less than two liters are levied a 45% tax. Both new tax rates are up from the previous common rate of 30%.VAMA reported that in May, sales of multi-purpose vehicles crashed 46% to nearly 1,490 units, while the number of commercial vehicles sold dipped a staggering 28% to 4,780.However, the number of passenger cars sold was nearly 2,500 units, a 21% increase compared to the same period last year.Besides launching new passenger car models, automobile manufacturers have also marketed new versions of the models which have been selling well in Vietnam.Mercedes-Benz Vietnam and Samco saw 8% and 169% year-on-year … [Read more...] about Auto sales drop extended
Auto sales mark new record in 2009
Auto sales mark new record in 2009By Quoc Hung - The Saigon Times DailyHCMC – Automobile sales, including domestic-manufactured and imported autos, last year set a new record of nearly 200,000 units on the domestic market despite the global economic slump, giving a strong boost to automakers in Vietnam.The 16 members of the Vietnam Automobile Manufacturers Association (VAMA) sold 119,460 units last year, 7% more than in 2008. In December alone, these automakers sold 16,065 vehicles, up 59% year-on-year, to become Last year, the passenger car segment increased by 47%, the MPV/SUV segment 3%, but commercial vehicle sales dropped by 7%, according to VAMA.Mercedes-Benz Vietnam sold nearly 3,400 units last year, a staggering 60% year-on-year increase and the highest growth rate among the members of VAMA. GM Daewoo sold 14,200 units, up 29%.Ford Vietnam reported its best-ever sales performance last year with sales increasing by 28% versus a year earlier to 8,286 units. The record year … [Read more...] about Auto sales mark new record in 2009