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VN to abide by WTO rules on vehicle tariff reductions

 
Hello. This is the Economics Report from English123.
Several types of vehicles will enjoy import tariff cuts beginning next year in line with Viet Nam's commitment to the World Trade Organization (WTO) on tax reduction.
According to the Ministry of Finance, which drafted the plan, all tariff cuts will take effect on January 1st, 2015. It said the tax on four-wheel drive vehicles would be reduced from 70 percent to 59 percent while the import tax on trucks with a loading capacity of less than five tons would be reduced from 59 percent to 56 percent.
The tax on motor homes, or self-propelled recreational vehicles which offer living accommodation, and on cars with less than 10 seats and an engine capacity of less than 2.5 liters, will be cut from 67 percent to 64 percent.
Meanwhile, ASEAN members' auto imports are already receiving a preferential 50 percent import tariff since early 2014 as a result of the ASEAN Trade in Goods Agreement (ATIGA). In addition, under commitments to the ASEAN, auto import taxes in 2018 will be completely abolished.
ASEAN will waive taxes on car imports between ASEAN member countries, as well as from Japan, South Korea and China, who are all party to the agreement.
The tax cut poses a serious threat to the country's auto industry, which is expected to compete with the price and quality of imports.
According to the General Office of Statistics, Viet Nam imported 44,000 cars in the first nine months of this year worth $938 million, a 74 percent increase in quantity and a 90.2 percent increase in value year-on-year.
This is Nick Veinot. We will be back with more news from English123.
Source: vietnamnews

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