Auto traders said the industry could not prosper when taxes and fees stay high, whereas Vietnam has determined the automotive industry as one of the spearhead industries to develop until 2020.
Consumers have never before witnessed so many automobile sales promotion campaigns like these days. Sharp price reductions of 30-100 million dong have been offered to car buyers.
State budget revenues from the automotive sector are predicted to further dip as auto sales in April dropped substantially, according to a report by the Vietnam Automobile Manufacturers Association (VAMA).
Total auto sales in April decreased by 20 percent from March and 37 percent from the same period last year, says the latest report by the Vietnam Automobile Manufacturer’s Association (VAMA).
The Ministry of Finance said it has completed collecting feedback from relevant ministries and agencies on its proposal to collect taxes in arrears from cars bearing diplomatic plates owned by non-diplomats in the country.
The Vietnamese automobile market, which once cooled down after the news about the tax and fee increases, has warmed up again with the appearance of small size cars, brand new and very cheap.
A 51 percent decline in import value of completely built-up (CBU) cars has brought a total revenue loss of 4.36 trillion dong to the State budget in the first four months of the year, said a report announced by the Vietnamese Ministry of Finance.