Vietnam to Scrap Import Duties on ASEAN Autos by 2018
Vietnam will remove all import tariffs on automobile and motorbike products from the Association of Southeast Asia Nations (ASEAN) by 2018, instead of 2015 as previously scheduled, local media quoted the Ministry of Finance’s source as saying.
The tax cut will be applied from 2007, said the source.
Under the CEPT/AFTA Agreement, automobiles and motorbikes belong on the general exclusion (GE) list. GE commodities receive a high level of protection from the government through the imposition of heavy import taxes, from 20-150 per cent
However, some member countries of the Association of Southeast Asian Nations (ASEAN) want to remove automobiles from the GE list and to reduce protection for automobiles.
According to Vietnam’s proposal on import taxes on automobiles from ASEAN nations, import duties on automobiles with 9 seats or more will fall to 20 per cent in 2007, 10 per cent in 2008 and 5 per cent in 2009 from the current 90 per cent.
Meanwhile, import tariffs on vehicles with fewer than 9 seats will be lowered to 20 per cent in 2008, 10 per cent in 2009 and 5 per cent in 2010 from the current 90 per cent.
Vietnam imported 4,500 automobiles valued at US$88 million in the first four months of this year, down 29.5 per cent and 14.3 per cent on year, respectively.
Vnexpress
Vietnamese
