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NEWS UPDATES 12 March 2010

Vietnam slashes tariffs on car imports

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Vietnam plans to reduce import tariffs on some types of cars from 83 percent to 80 percent and 77 percent from April 23rd, 2010, reported

This is part of circular No 31/2010/TT-BTC released by the Ministry of Finance about modifying preferential import tariffs on some commodities, including cars.

In particular, import tariffs on under 9-seat car with cylinder capacity of above 2.5 litres will be reduced by 3 percent to 80 percent and those on four-wheel drive (4WD) will be decreased by 6 percent to 77 percent.

Also under the circular, the Ministry of Finance also introduced an import tariff of 0 percent on iron and steel and 15 percent on some others. The remaining commodities will have import tariffs around 5-10 percent.

The released import tariffs aims to meet Vietnam’s WTO (World Trade Organization) commitment route.


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