MoIT to reduce automobile imports in 2010

The Ministry of Industry and Trade (MoIT) announced that it will apply technical barriers and tax policies to restrict the import of products including automobiles.

The measures aim to reduce next year’s trade deficit in accordance with the Prime Minister’s direction.

Restricting the import of automobiles is a priority because they are considered a luxury products involving high import revenue.

The total import revenue of automobiles has continuously risen since May and by November this year it reached US$1 billion.

The Vietnam Automobile Manufacturers Association (VAMA) also raises concerns about the growth in automobile imports and proposes the MoIT apply heavier levies and strictly control the importation of the product.