The number of cars imported into Laos continues to grow at about 10 percent annually although the rate has slowed down somewhat during the first quarter of this year, said the Department of Public Works and Transport.
According to Vientiane Times on Tuesday, the import slowdown during the first three months was due mainly to car dealers’ plan to sell off some of their existing stock before they start ordering new cars again.
Automobiles as well as other import items have steadily increased since Laos cut import tariffs since 2008. Import tariffs on many products, including automobiles, have been slashed to zero percentage point.
Officials have predicted that car imports this year will continue to increase although consumer tax has increased as purchasing power of the Lao people is high.
Lao people now have more choices of vehicles to buy as dealers have come up with more promotions including zero percent interest rate.