11:26:18 AM | 23/10/2007
Deputy Minister of Finance, Truong Chi Trung October 19 agreed to slash import tax on new automobiles to 60 per cent from 70 per cent, the third reduction since early this year, Vietnam News Agency reported last Friday.
The decision, which is to be effective from November 3, is aimed at diversifying local automobile supply to cool down the fever.
The ministry is considering lowering up to 10 per cent of import tax on second-hand cars, the website noted.
Between January and September, car sale rose up 83 per cent on year to 49,240 units.
As one of the fastest growing economies, Vietnam imported $886 million of automobile in the first nine months, up 80.5 per cent on year, including $307 million of complete knock-down units, up 95.6 per cent on year, said the General Statistics Office. (State Media, GSO September Edition)
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