Vietnam’s auto demands rise on import tax cut: British experts

More Vietnamese in urban areas plan to buy cars this year after the tax rate of complete built-up units imported from ASEAN countries fell to zero percent from January 1, experts from the Auto Purchase Index of Financial Times Confidential Research (FTCR) said.

Thursday, April 05, 2018 10:14

Vietnam’s auto demands rise on import tax cut: British experts ảnh 1

More Vietnamese in urban areas plan to buy cars this year. (Photo: VNA)

Hanoi (VNA) – More Vietnamese in urban areas plan to buy cars thisyear after the tax rate of complete built-up units imported from ASEANcountries fell to zero percent from January 1, experts from the Auto PurchaseIndex of Financial Times Confidential Research (FTCR) said.

Vietnam’sAuto Purchase Index (API) jumped 9.4 points from the previous quarter to 73points in the first quarter of this year, a record high for the country and thehighest among five ASEAN nations, namely Indonesia, Malaysia, the Philippines,Thailand and Vietnam.

The massive influx of made-in-Thailand and Indonesia cars started to reachVietnamese consumers as many administrative procedures have been removed.

Meanwhile,the API for the whole region fell to 56.6 points from 58.4 recorded in thefourth quarter last year. Consumers in the other four ASEAN economies surveyedindicated weaker purchase sentiment. The Philippines saw the sharpest decline,mainly due to higher car excise duties effective from January.

Strongestdemand for motorbike was seen in Vietnam and Indonesia, which rose 8.2 and 8.3points to 61.7 and 66.5 points, respectively, in the quarter. However, expertssaid that Indonesian sentiment for motorbike purchases will not be sustainablegiven the market’s maturity.

TheFTCR ASEAN Auto Purchase survey is based on interviews with 5,000 consumers inIndonesia, Malaysia, the Philippines, Thailand and Vietnam.

The FTCR is an independent research servicefrom the UK’s Financial Times, providing analysis and insight into China andSoutheast Asia.-VNA

VNA

#Vietnam’s Auto Purchase Index (API) #tax rate of complete built-up units #Financial Times Confidential Research (FTCR) #administrative procedures removed #made-in-Thailand and Indonesia cars #Vietnam News Agency #Vietnamplus

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