Dialogue on Vietnam’s tax, customs policies held in RoK

A dialogue on Vietnam’s new tax and customs policies was held in Seoul, the Republic of Korea (RoK), last week, drawing the participation of 118 local businesses.

The dialogue took place as part of a working visit to the RoK by a Vietnamese Finance Ministry delegation led by Deputy Minister Do Hoang Anh Tuan.

After briefing about Vietnam ’s tax and customs policies, the Vietnamese delegation answered RoK businesses’ questions on the country’s tax incentives, corporate taxes, value added tax and new regulations on customs procedures.

Tax incentives and relevant policies are always the leading interests of RoK businesses, Deputy Minister Tuan said, adding that more than 70 percent of RoK businesses investing in Vietnam are small and medium sized ones so they face difficulties in accessing policies and dealing with issues on procedures and tax incentives.

Tuan said that Vietnam’s Finance Ministry and General Department of Taxation have planned to coordinate with RoK authorised agencies in facilitating RoK businesses’ operations in Vietnam .

According to Tuan, this was the first dialogue between the two sides since their tariff cooperation agreement was signed.

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Car imports decline for first time

Photo: Tuoi Tre

The domestic automobile market this month may see a decrease in both import volume and value for the first time, according to the General Statistics Office (GSO).

In August, the GSO estimated that the number of autos imported to Vietnam was only 4,000 units—down by 9.1 percent over last month. The total import value was worth only US$78 million, a month-on-month decline of 18.8 percent.

According to market insiders, the import car market has been strongly affected by a number of new policies, economic conditions and Vietnamese people's thoughts that the seventh month of the lunar calendar is not a lucky time.

"The Government has issued many policies to limit imports for a long time. Now, these policies are becoming effective," said Nguyen Trung Hieu, an official from the Vietnam Automobile Manufacturers' Association (VAMA).

Hieu added that these policies were diversified. They were focused in many fields, including customs and tax.

"For example, importers have to show environmental protection certificates before they can make imports. And, tax loans are not allowed," Hieu said.

Credit-tightening policies of banks were also limiting car imports.

"Currently, not only the auto market, but other industries as well are also facing difficulties," Hieu concluded.

In previous months, the volume of imported autos was down, but import turnover had continued to increase.

In detail, the number of autos imported to Vietnam from May to July was 5,300, 4,600 and 4,400 units, respectively.

In May and June the market poured about $89 million each month for imports. The number increased to $96 million in July.

Experts attributed the value increase to the new trend of using luxury cars by domestic consumers.

It has been said that in the coming months, a car that costs about half a million dollars will come to Vietnam. Currently, a car worth more than $600,000 is being displayed in a showroom in the capital city of Hanoi.

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Car imports decline for first time

Photo: Tuoi Tre

The domestic automobile market this month may see a decrease in both import volume and value for the first time, according to the General Statistics Office (GSO).

In August, the GSO estimated that the number of autos imported to Vietnam was only 4,000 units—down by 9.1 percent over last month. The total import value was worth only US$78 million, a month-on-month decline of 18.8 percent.

According to market insiders, the import car market has been strongly affected by a number of new policies, economic conditions and Vietnamese people's thoughts that the seventh month of the lunar calendar is not a lucky time.

"The Government has issued many policies to limit imports for a long time. Now, these policies are becoming effective," said Nguyen Trung Hieu, an official from the Vietnam Automobile Manufacturers' Association (VAMA).

Hieu added that these policies were diversified. They were focused in many fields, including customs and tax.

"For example, importers have to show environmental protection certificates before they can make imports. And, tax loans are not allowed," Hieu said.

Credit-tightening policies of banks were also limiting car imports.

"Currently, not only the auto market, but other industries as well are also facing difficulties," Hieu concluded.

In previous months, the volume of imported autos was down, but import turnover had continued to increase.

In detail, the number of autos imported to Vietnam from May to July was 5,300, 4,600 and 4,400 units, respectively.

In May and June the market poured about $89 million each month for imports. The number increased to $96 million in July.

Experts attributed the value increase to the new trend of using luxury cars by domestic consumers.

It has been said that in the coming months, a car that costs about half a million dollars will come to Vietnam. Currently, a car worth more than $600,000 is being displayed in a showroom in the capital city of Hanoi.

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Car imports decline for first time

The domestic automobile market this month may see a decrease in both
import volume and value for the first time, according to the General
Statistics Office (GSO).

In August, the GSO estimated that the number of autos imported to
Vietnam was only 4,000 units—down by 9.1 percent over last month. The
total import value was worth only 78 million USD, a month-on-month
decline of 18.8 percent.

According to market
insiders, the import car market has been strongly affected by a number
of new policies, economic conditions and Vietnamese people's thoughts
that the seventh month of the lunar calendar is not a lucky time.

"The Government has issued many policies to limit imports for a long
time. Now, these policies are becoming effective," said Nguyen Trung
Hieu, an official from the Vietnam Automobile Manufacturers' Association
(VAMA).

Hieu added that these policies were diversified. They were focused in many fields, including customs and tax.

"For example, importers have to show environmental protection
certificates before they can make imports. And, tax loans are not
allowed," Hieu said.

Credit-tightening policies of banks were also limiting car imports.

"Currently, not only the auto market, but other industries as well are also facing difficulties," Hieu concluded.

In previous months, the volume of imported autos was down, but import turnover had continued to increase.

In detail, the number of autos imported to Vietnam from May to July was 5,300, 4,600 and 4,400 units, respectively.

In May and June the market poured about 89 million USD each month for
imports. The number increased to 96 million USD in July.

Experts attributed the value increase to the new trend of using luxury cars by domestic consumers.

It has been said that in the coming months, a car that costs about
half a million dollars will come to Vietnam. Currently, a car worth more
than 600,000 USD is being displayed in a showroom in the capital city
of Hanoi./.

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