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Vietnam considers raising taxes on car imports to 91%

Vietnam’s Ministry of Industry and Trade has proposed raising the import tax rate on automobiles to 91 percent, up from the current 83 percent, VNBusinessNews.com reported.

The ministry’s proposal is part of the government’s measures to control the trade deficit. It says that car imports are tending to rise sharply while exports are seeing almost no increase, leading to the trade deficit in July and August jumping to $3 billion, accounting for 144 percent of the import surplus in the first half of this year.

The import surplus of automobiles, mobile phones and food should experience a sharp increase in the remaining months of 2009. The ministry says that the increase of import taxes on fully assembled vehicles - one of the causes driving the import surplus up- will help keep the import surplus at 20 percent of the total import turnover.

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