Vietnam Cuts Tax on Auto Parts Imports
The Vietnamese Ministry of Finance (MoF) has announced to reduce import tariffs on automobile spare parts and components by 2-5 percentage points from March 9, the vnexpress.net reported.
Components and spare parts for cargo vehicles with tonnages of less than 20 tons will enjoy new import tariff of 15 per cent from March 9, instead of current 20 per cent, the paper said, citing MoF’s announcement.
The import tax on incompletely-built internal combustion engines used for less-than-16-seat passenger vehicles will be cut to 20 per cent from current 22 per cent while other car engine parts receive 5 per cent tax decrease to 15 per cent.
The move is in response to a proposal by the Vietnam Automobile Manufacturers Association (VAMA) on cutting down some types of tax on auto and auto spar parts to rev up domestic car market amid low purchasing power and high auto stockpile. (New Hanoi, Labor)
Vietnamese
