Thailand has become the leading exporter of automobiles to Vietnam in the first four months of this year, with 10,155 units, accounting for 35 percent of total car imports.
At a car showroom in HCM City (Source: sggp.org.vn)
Hanoi (VNA) – Thailand has become the leading exporter of automobiles to Vietnam in the first four ⛄months of this year, with 10,155 units, accounting for 35 percent of total car imports, according to the Vietnamese𒊎 Ministry of Industry and Trade.
The increase was buoyed by preferential import tax policies, under Vietnam’s commitments to the ASEAN Trade in Goods Agreement, the Ministry said.
Under the agreement, the import tax on automobiles from ASEAN members to Vietnam would fall from 50 percent to 40 percent by 2016, to 30 percent by 2017 and zero percent by 2018.
Vietnam's special consumption tax on cars will fall to 40 percent from 45 percent on July 1.-VNA
The country spent more than 1 billion USD on importing 55,000 new cars in 2011, despite economic difficulties, estimated the General Statistics Office (GSO).
Foreign investment is expected to increase in Vietnam’s automobile industry in the coming years as the government explores measures to expand the local market. Vietnam Investment Review reports.
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Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
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The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
At a car showroom in HCM City (Source: sggp.org.vn)
