A man installs a license plate to a car at a registration center in Ho Chi Minh City. Photo: Minh Hung
Vietnam's auto imports hit US$3.8 billion in the first eight months, a 5-year high and an increase of more than 80 percent over the same period last year, according to the General Statistic Office.
This included $1.9 billion spent on more than 74,000 imported cars, nearly double last year’s number. The rest was for automobile parts and accessories.
More than 9,000 cars were imported into Vietnam in August alone.
According to the Vietnam Automobile Manufacturers' Association, car purchases in the country can reach 200,000 this year.
Relevant agencies are discussing plans to curb duties imposed on automobiles from Southeast Asian countries in 2016 and then in 2018.
Ho Chi Minh City has increased registration fees for personal cars of under 10 seats from VND2 million to VND11 million (US$489), starting September 1 in an effort to limit personal vehicles.
In Vietnam, cars are subject to numerous taxes and fees, including import tax, value-added tax, special consumption tax, registration fees and road maintenance fees.