The Thaco Mazda factory of Truong Hai Auto Group in the central province of Quang Nam.(Photo: VNA) Hanoi (VNA) - The Ministry of Finance plans to eliminate import taxes on auto materials and parts in order to support the development of the country’s automobile industry. The tax cut was included in the Government’s revised decree on the schedule for preferential import tariffs, flat taxes, compound tariffs and out-of-quota import tariffs. The Ministry of Finance said it will develop preferential tax policies for raw materials and auto parts for automobile manufacturing and assembly from now until 2023. This decree is expected to remove bottlenecks in the development of prioritised industries, including the automobile industry, and promote the strengths of part suppliers to increase the localisation rate (the percentage of parts that are produced locally). Under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which came into force on … [Read more...] about Ministry plans to eliminate import duties on auto parts
Vietnam import duties
Vietnam imports over 14,000 cars in February
Illustrative image (Source: VNA) Hanoi (VNA) – Vietnam imported 14,134 cars worth over 300 million USD in February, the General Department of Vietnam Customs reported. In comparison with the year-on-year import figures, when auto importers faced barriers from the Government’s Decree 116 on the conditions for production, assembly, import and business of automobile warranty and maintenance services last year, the February figure increased by 5,667 percent in volume and 1,696 percent in value. February saw strong performance because importers have met the requirements of Decree 116, especially the Vehicle Type Approval Certificate, and stabilised their imports. Cars imported from Thailand gained the highest volume of nearly 9,400 units, accounting for 66.4 percent of the total imports in the month. It was followed by Indonesia with over 3,820 units. The average prices of Thai and Indonesian cars were at 19,700 USD and 16,600 USD each, respectively. These prices … [Read more...] about Vietnam imports over 14,000 cars in February
Vietnam imports over 11,000 cars in nine months
Vietnam imported 11,172 cars in the first nine months of 2018 (Photo: VNA) Hanoi (VNA) - Vietnam imported 11,172 cars between in the first nine months of 2018, up 5,142 units from the same period last year, according to the General Department of Vietnam Customs. Of the figure, more than 10,800 (equivalent to 92 percent) were imported from Thailand and Indonesia. The remainder came from Japan, the US and Germany. Cars with nine or fewer seats shipped to ports in Ho Chi Minh City accounted for more than 51 percent of total car imports to Vietnam. Of these smaller vehicles, 93.5 percent came from Southeast Asian countries and benefited from the regional import duty exemption, in line with the ASEAN countries’ commitments to lower tariffs from 2018. It is predicted that tens of imported auto models will enter the Vietnamese market in the last months of the year, including Mitsubishi Xpander, Mazda BT 50, Ford Everest, Toyota Wigo, and Honda HR-V. Vietnamese businesses spent 2.5 … [Read more...] about Vietnam imports over 11,000 cars in nine months
Law on Export and Import Duties to be amended
Importing goods through the Lao Cai International Border GateAccording to the MoF, over the past decade, the law has contributed significantly to the development of foreign trade, production and export and import activities, boosting economic restructuring, while protecting domestic production and manufacture in accordance with international practice. Moreover, the law has also contributed to stabilizing state budget revenue sources. In the first years of implementation, export and import tax revenues accounted for 15-16 percent of the state budget revenue. However, in recent years, these percentages have reduced due to Vietnam’s removal of tariff barriers according to its international commitments. With for example, export and import tax revenues in 2013 only accounted for 8.22 percent of total state budget revenue. The context of increasing international economic integration requires the Law on Export and Import Duties to be amended in harmony with international … [Read more...] about Law on Export and Import Duties to be amended
Vietnam imports large volume of medical equipment
Vietnam imports large volume of medical equipmentBy Hung Le Visitors have a look at a medial product on display at the Vietnam International Hospital, Medical and Pharmaceutical Exhibition in HCMC last year – PHOTO: HUNG LE HCMC – The Vietnamese medical equipment market has grown 18% annually over the last five years, but more than 90% of medical equipment is imported from other countries, said Hua Phu Doan, vice chairman and general secretary of the HCMC Medical Equipment Association. At a press conference on July 24 to introduce the 18th Vietnam International Hospital, Medical and Pharmaceutical Exhibition in HCMC (Vietnam Medi-Pharm Expo 2018), Doan noted that the country had spent more than US$1.1 billion on medical equipment imports last year, well above the US$950 million spent in 2016. Therefore, Vietnam is becoming increasingly attractive to medical equipment manufacturers, he noted. However, domestic enterprises account for only 10% of the local market … [Read more...] about Vietnam imports large volume of medical equipment