Vietnam spent nearly $270 million on importing 10,000 completely-built automobiles (CBUs) in May, a decrease of 6.3% from a year earlier.
Compared to the same period last year, automobile imports in May were down 5.2% in quantity and 9.1% in value.
Imported CBUs have declined for two consecutive months in both quantity and value when compared to the previous month amid slumping demand.
However, the figures for the first five months of this year still picked up 26.7% in quantity and 16.4% in value to 64,344 CBUs and more than $1.4 billion, respectively, according to statistics released by the General Statistics Office (GSO).
The statistics show that in the past three months, despite car manufacturers focusing on stimulating consumer demand by offering discounts and promotional programmers, car sales are still very low.
Specifically, the Vietnam Automobile Manufacturers Association (VAMA) and two major car manufacturers Hyundai Thanh Cong (TC Group) and ViaSat announced that only 30,799 units were sold in April, down 16.2% month on month and 40.5% year on year.
Automobile manufacturers are still waiting for support from the Government, specifically a cut of 50% in the registration fee.