Car imports rise sharply following tax adjustment
Vietnam spent US$195 million on importing about 12,000 completely built-up cars in May, an increase of 33 percent in quantity compared to April and 12 percent against the same period last year.
According to the General Statistics Office, the number of car imports in the first five months of this year was 41,000 units, worth a total US$927 million.
Auto businesses said imports increased sharply as consumers wanted to buy cars before Government tax hikes on imported automobiles come into effect. |
Under the new tax, which will apply beginning January 1, tax levels of 55%, 90%, 130%-150% will be levied on cars with a cylinder capacity of 2.5 litres, 3 litres, 4-6 litres, respectively.
Currently, 2.5 litre cars are taxed at 50%, while 3 litre and 4-6 litre cars are both taxed at 60%.
The tax changes will increase the price of some cars by tens of thousands of US dollar.
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