3:26:33 PM | 7/8/2005
The Ministry of Finance has recently submitted a scheme of new auto part import taxes to the Prime Minister for approval in order to boost the production of locally-produced automobile components, and gradually removing the protection policy applied for local automakers.
The new taxes will top at 30 per cent, 20 per cent, 10 per cent, 5 per cent and 0 per cent. This is considered a positive move of the Government in a bid to follow commitments under trade agreements signed with ASEAN countries as well as create a good preparation for the sector in the interntational integration.
The highest tax will be imposed on components that Vietnam can or needs to be produced domestically, and the lower rates will be imposed on parts that Vietnam cannot manufacture or they are too costly to make.
Vietnamese
