Locally made car prices remain constant
Ha Noi (VNA) - Since the Ministry of Finance decided to lower vehicle import taxes on new cars from 80 percent to 70 percent, imports to the country have increased sharply, according to the General Customs Department, however, domestically produced vehicle prices have remained fixed.In August alone, Viet Nam imported 3,000 cars worth nearly 60 million USD, doubling the average import and sales figures of previous months.
While several distributors such as Euro Auto, Hyundai Viet Nam and Truong Hai Auto announced their plans to lower car prices, local manufacturers have not followed suit instead, "committing to not increase car prices and pledging to slash prices in the near future."
According to Gan Kok Seng, Deputy Director of Honda Viet Nam, tax cuts have had a direct impact on prices of brand new imports and used imports, but not on the prices for locally made cars.
In a meeting with representatives of the Ministry of Finance on August 24, local manufacturers, though backing the Government's policy on tax reductions to rein in inflation, said that they would decide themselves on whether to adjust consumer prices or not.
Manufacturers also urged the Ministry of Finance to reduce import taxes on auto spare parts and went on to recommend the taking of drastic measures against trade fraud violation in relation to car imports.-Enditem
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