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.
In January, car imports dropped by half to 2,400 units although more regulations need to implemented to rein the US$1.9 billion trade gap in December.
Since the start of the year, exports reached US$8.7 billion, a decrease of 2.2 percent from the previous period while imports increased by 35.7 percent to US$10.3 billion.
