Duty on imported trucks to be increased
Duty on imported trucks to be increased
There will be a steep rise in import duties on various types of trucks and their spare parts from December 20, a new circular issued by the finance ministry said.
The increase in duties is aimed at supporting and encouraging production and assembly of special-use vehicles by domestic automakers. It is also equal to the ceiling set by the World Trade Organisation that Viet Nam has committed to implement.
The duty on trucks with a capacity of carrying 10 to 20 tonnes will be increased to 50 per cent from current 30 per cent. Meanwhile, the duty on trucks that can carry more than 20 to 24 tonnes will rise from 20 per cent to 50 per cent.
There will be a 20 per cent duty on imported special-use vehicles such as waste collection trucks, tank trucks and cement tankers.
The import duty on spare parts for trucks will be similar to the duty on trucks with various tonnages.
Earlier, the Truong Hai Auto Joint Stock Corporation (Thaco) had suggested to the ministry that the import duty on various types of trucks be increased to the WTO ceiling because Viet Nam was able to manufacture these kinds of vehicles.
The firm said the domestic truck manufacturers were facing difficulties due to the low import duties. With current production capacity and technologies, local automakers can produce and assemble all types of trucks with a high use of locally produced parts, and provide quality products that suit customers' needs.
The proposal was made when Thaco was building a heavy truck production plant. In the first nine months of this year, the firm sold 1,685 heavy trucks, 104 lorries, 397 tractor heads and 231 special-use vehicles.
Imports in November
Viet Nam imported 14,000 completely-built up units in November, valued at US$240 million, registering an increase of more than 6,000 units and $85 million over the same period last year.
According to the General Statistics Office, the country imported autos and spare parts worth $5.3 billion in the first 11 months of this year, a 60 per cent year-on-year increase. The vehicles were imported from countries such as China, South Korea, Thailand and Japan, besides India and the United States.
