3:18:40 PM | 3/13/2008
The Vietnamese Ministry of Finance March 11 approved to increase import tax on cars to 70% from 60% with an aim to reduce traffic jams and accidents, the state-run Tien Phong newspaper reported Wednesday.
The 10% increase will be applied to new and used cars imported, said the newspaper, adding that the new scheme will be effective after 15 days of publication.
reduced car import tax three times in 2007 to 60% from 90% aiming to follow the WTO’s commitments and cool down the locally made car prices.
However, local car makers hesitate to response as expected. The flow of car import is flooding into the country with 10,000 fully assembled vehicles in the first two months, equal to the number of car imported in seven first months of 2007. These cars were estimated to value at $187 million, up 505% in value on year.
(VNexpress)
Vietnamese
