Vietnam To Remove Import Tax For Auto Materials
Vietnam To Remove Import Tax For Auto Materials
Vietnam To Remove Import Tax For Auto Materials Ministry of Finance (MoF) plans to eliminate the import tax for auto parts and accessories, which are not available domestically, to support the development of the local automotive industry. The tax cut was part of the Government’s revised decree on the schedule for preferential import tariffs, flat taxes, compound tariffs, and out-of-quota import tariffs.
Furthermore, MoF will develop preferential import tax policies for raw materials for automotive manufacturing and assembly from 2019 to 2023.
Removal of the import tariff for auto parts could help local companies reduce operation costs and improve competitiveness.
By 2030, Vietnamese automobile market will be fully open to major automobile production centres around the world including Japan, Mexico and the EU.
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