Tax rise lowers auto imports of Vietnam
Vietnam imported around 97,000 automobiles in the first 11 months of 2016, down 12.9 percent year-on-year, due to tax rise, according to theGeneral Statistics Office. From January to November, the country spent $2.1 billion on auto imports, down 19.6 percent year-on-year. The declines in auto imports were attributed to the changes in Vietnam’s tax policy. Specifically, from Jan 1, 2016, a newspecial consumption tax on cars with 24 seats and below has been imposed, based on the importers’ price, instead of the previous calculation based on cost, insurance, freight value and current import tariff.