Used-car imports plummeted up to 70 percent in August due to taxesbeing increased to 3,000 USD-17,000 USD per vehicle, depending on thesize.
Only 199 secondhand cars were imported in the period, a fall of more than 70 percent over the same month last year.
Of the total figure, around 170 units were low-end vehicles, selling at3,600 USD-4,000 USD each; 30 luxury cars, such as Audi, Lexus, Mercedesand BMW, sold for 20,000 USD-73,000 USD, most of which came into thecountry before the new tax rate became effective on August 15.
From that date, 1.0 litre passenger cars with less than 10 seats arebeing taxed 3,500 USD while those up to 1.5 litres 8,000 USD; passengercars with 10-15 seats and of 2.0 litre capacity, less 9,500 USD; cars2.0-3.0 litres 13,000 USD; larger than 3.0 litres 17,000 USD.
Used-car dealers were prepared for the drop off in sales, said a staffmember of an auto showroom in Lang Ha street , Hanoi .
His company had not imported used-cars since August 15.
"We imported a large number before, so we'll sell what we have and wait for the Government to sort things out," he said.
Companies have been permitted to import used-cars since May 2006. Atfirst around 10,000 units were imported in 2006-2007, of which 50percent were luxury cars while the rest were vehicles which could not beproduced locally, such as the Toyota Sienna, the Honda Odyssey, theNissan Quest and the Murano.
Among other developments inthe motor industry, Vietnam Daewoo Motor Co has been changed its name toGM Vietnam Co (GM Vietnam).
The company said in a pressrelease that GM Vietnam would make Chevrolet its retail brand. At leastthree Chevrolet products were scheduled to be launched in Vietnamlater this year with a focus on mini cars.
GM Vietnamcurrently ranked third in the automotive industry, accounting for 6.6percent of the total market share in Vietnam .
Meanwhile, BMW Euro Auto said in a press release its sales had increasedin the first eight months of this year, proving Vietnam was one of theleading growth markets in the region./.
Only 199 secondhand cars were imported in the period, a fall of more than 70 percent over the same month last year.
Of the total figure, around 170 units were low-end vehicles, selling at3,600 USD-4,000 USD each; 30 luxury cars, such as Audi, Lexus, Mercedesand BMW, sold for 20,000 USD-73,000 USD, most of which came into thecountry before the new tax rate became effective on August 15.
From that date, 1.0 litre passenger cars with less than 10 seats arebeing taxed 3,500 USD while those up to 1.5 litres 8,000 USD; passengercars with 10-15 seats and of 2.0 litre capacity, less 9,500 USD; cars2.0-3.0 litres 13,000 USD; larger than 3.0 litres 17,000 USD.
Used-car dealers were prepared for the drop off in sales, said a staffmember of an auto showroom in Lang Ha street , Hanoi .
His company had not imported used-cars since August 15.
"We imported a large number before, so we'll sell what we have and wait for the Government to sort things out," he said.
Companies have been permitted to import used-cars since May 2006. Atfirst around 10,000 units were imported in 2006-2007, of which 50percent were luxury cars while the rest were vehicles which could not beproduced locally, such as the Toyota Sienna, the Honda Odyssey, theNissan Quest and the Murano.
Among other developments inthe motor industry, Vietnam Daewoo Motor Co has been changed its name toGM Vietnam Co (GM Vietnam).
The company said in a pressrelease that GM Vietnam would make Chevrolet its retail brand. At leastthree Chevrolet products were scheduled to be launched in Vietnamlater this year with a focus on mini cars.
GM Vietnamcurrently ranked third in the automotive industry, accounting for 6.6percent of the total market share in Vietnam .
Meanwhile, BMW Euro Auto said in a press release its sales had increasedin the first eight months of this year, proving Vietnam was one of theleading growth markets in the region./.
