Vietnam to Cancel Import Taxes on Main Engineering Components, Accessories

The Vietnamese Ministry of Finance has issued a circular to cancel import tariffs on main engineering components and accessories, the government said on its website.

 

Components and accessories subjected to the tax cancel include cranes of different types with tonnages of between five tons and 50 tons, diesel-fueled engines, materials for steel ingot production and metallurgy, shipbuilding steel, and machines for agro-fishery farming, harvesting preserving and processing.

 

The circular will take effect until December 31, 2015.

 

Vietnam is estimated to have spent US$7.356 billion on importing equipment, machineries and accessories in the first seven months of this year. (chinhphu.vn)