Vietnam to Cut Import Tariffs on Cars from April 23
Vietnam will reduce import tariffs on cars of some types to 80% and 77% from current 83% from April 23, according to a decision signed by the Ministry of Finance.
Under the decision, import tariffs on under 9-seat car with cylinder capacity of above 2.5 liters will be cut by 3% to 80% and those on four-wheel drive (4WD) will be decreased by 6% to 77%.
The MOF also stipulated in the decision that an import tariff of 0% will be imposed on alloy and 15% on some others including wallpaper. The remaining commodities will have import tariffs around 5-10%.
The released import tariffs are in line with commitments made by Vietnam after the country jointed the World Trade Organization.
Vietnam spent $377 million on import of cars and auto components in the first two months of 2010, up 15.3% from a year earlier, the government’s General Statistics Office estimated.
Of the value, the imports of cars under the mode of complete built unit (CBU) accounted for $102 million, falling by 47.7% on-year. The country imported 3,000 CBU cars in the period, down 19.5%.
The fall was attributed to a combination of increases in value-added tax and registration fees, and a decline in purchases over the Lunar New Year.
Analysts predicted car imports to continue to decrease over March.
P.V
Vietnamese
