Vietnam Cuts Import Taxes on Chinese Vehicles
The Vietnamese Ministry of Finance announced import tariff cuts on several kinds of Chinese vehicles from May 1, 2007.
The import duty rate of 80 per cent is imposed vans, pickups, trucks, three-wheeled motorized vehicles, and vehicles with gross loading capacity of less than five tons. The previous tax rate was 90 per cent.
The ministry said golf cars, small racing cars and cargo vehicles with loading capacity of less than 2.4 tons are subjected 40 per cent tax, down from the previous 50 per cent.
Trucks with load capacity over six tons are levied 50 per cent, lower than the previous rate of 55 per cent.
The 25 per cent tariff for trucks with load from 10-20 tons is unchanged, while the 10 per cent rate is applied to vehicles with load of over 24 tons.
The tax cut is part of Vietnam’s commitment to ASEAN-China Trade Agreement.
According to the General Statistics Office, Vietnam imported 3,000 vehicles valued US$67 million in the first four months of 2007, down 25 per cent in terms of volume on year. (VnExpress)
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