By Stefano Miggiano
Sept. 22 – On February 24, 2011, the Vietnamese government issued Decision No.12/2011/QT-TTg pursuant to the Prime Minister’s Decision No. 49 10/QT-TTg of July 19, 2010, approving the list of prioritized high technologies. The Decision took effect on April 15, 2011.
The new regulations aspire to encourage the development of the following industries: manufacturing mechanical engineering, electronics-informatics, manufacturing and assembly of automobiles, textile and garment, leather-footwear and high-tech industry development. Continue reading
Jan. 5 – Vietnam will raise license plate registration charges up to VND20 million for cars with less than 10 seats in an attempt to reduce traffic in Ho Chi Minh City and Hanoi. The increase from the current VND2 million per vehicle would be effective beginning in February, the government said on Friday.
Vietnam’s Finance Ministry also plans to raise plate fees for motorcycles up to VND4 million per vehicle depending on its value. The current charge is VND500,000 per bike. Continue reading
Nov. 12 – Vietnam’s Ministry of Finance is considering reducing tariffs on imported trucks next year, a move that would bring the country in line with its WTO commitments.
According to the ministry’s proposal, from 2011 import taxes on completely-built trucks with a carrying capacity of five tons and below would be cut to 30 percent from the current 80 percent, while the tax on 5-10 ton trucks and 10-20 ton trucks would be cut to 25 percent from 54-55 percent and 30 percent respectively. Continue reading
Apr. 27 – Vietnam inaugurated the longest cable-stayed bridge in the Southeast Asian region on Saturday connecting the Hau River in the Mekong Delta with Can Tho City and Vinh Long Province in southern Vietnam.
The project was completed with the help of a preferential official development assistance for socio-economic development and infrastructure upgrading from the Japan International Cooperation Agency. Continue reading
By Joyce Roque
Mar. 17 – Foreign investors in Vietnam may need to import components of their business not readily available in the local market.
Import duty rates regularly change so it is best to always keep abreast with the latest rates. Authorities however prefer businesses that do not import majority of their manufacturing needs from overseas. Enterprises and business cooperation contract parties doing business in the country are allowed the following import tax exemptions: Continue reading
Mar. 4 – The Ministry of Industry and Trade plans to limit car imports by implementing regulations that would help cut down its trade deficit.
The new restrictions will affect the importation of cars with less than 16 seats which make up majority of total cars imported from abroad and require that they pass quality tests by the authorities. Cars imported to the country will only be allowed to enter via the major seaports of Cai Lan, Quang Ninh, Haiphong, Danang, Ho Chi Minh City and Ba Ria-Vung Tau. Continue reading
Feb. 18 – A total of 169 licenses were granted to foreign distributors in provinces and cities across the country last year with most of them investors from South Korea, China, Japan, Singapore, Italy, France and Germany.
Vietnam’s distribution market only fully opened to foreign investors on Jan. 1, 2009 in fulfillment of its World Trade Organization obligations that allows foreign companies to establish wholly foreign-owned distribution companies. Continue reading
Jan. 11 – Local tax agencies will now be allowed to adjust retail prices of cars and motorbikes should they be deemed lower than actual value following a newly drafted decree.
Manufacturers and distributors of vehicles will be fined should they be be caught under-invoicing to evade taxes. Tax agencies will base prices on information given by customs agencies, the Vietnam Automobile Manufacturers’ Association and local media, as well as previous tax and profit figures of the businesses reports Thanh Nien News. Continue reading
Oct. 12 – The General Customs Department of Vietnam has set higher minimum taxable prices for more than 600 models of imported cars, following allegations that local importers were under-invoicing to avoid higher taxes.
Thanh Nien reports that there have been cases wherein car importers were caught declaring lower prices for imported cars. Taxable prices of all imported cars, both new and used, will now be increased by 3 and 20 percent.
The new rule will affect consumers when it increases retail prices for automobiles although it would help local car manufacturers set their prices more competitively .
Oct. 8 – Auto sales in Vietnam surged 104 percent in September from a year earlier after a 31 percent increase in August, an industry report said on Wednesday.
While 11,071 vehicles were sold in September, cumulative sales for the first nine months of the year were still down 12 percent from the same period last year the Vietnam Automobile Manufacturers Association said. After an annual fall of 19 percent in the first eight months of the year, the surge pushed sales to 80,374 for the year. Continue reading