Finance Ministry urged to revise automobile industry laws - News Summed Up

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Finance Ministry urged to revise automobile industry laws


Finance Ministry urged to revise automobile industry lawsThe Ministry of Industry and Trade (MoIT) has asked the Ministry of Finance to remove the special consumption tax for locally-manufactured auto parts. This is part of a recommendation document that MoIT sent to the finance ministry in order to revitalise domestic automobile industry in the future and reduce the import of autos. “Locally-assembled autos in Viet Nam have a similar price doubling as those seen in regional countries and much higher than other countries which have a stable automobile industry such as Japan and the United States,” said the report. "The domestic automobile industry has not yet reached the standards of the real automobile industry because most are at the level of simple assembly; the production line mainly consists of four key stages including welding, painting, assembly and inspection. MoIT has on numerous occasions warned that if such privileges and incentives were not approved, the domestic automobile industry would find it difficult to compete with imported cars.


Source: VietNamNet News February 13, 2018 03:00 UTC


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