Import tariffs on automobiles and gold could be raised, says trade vice minister
Source: 25-JUL-2008 Intellasia | 23/Jul/2008 Thoi Bao Kinh Te Vietnam
Jul 25, 2008 - 7:00:00 AM Vice minister of industry and trade Bui Xuan Khu revealed that the import tariff on automobile and gold could be raised in the next time to continue limiting the widened trade deficit.

At the seminar on the import export situations in first half of 2008, the representative from Intentional Monetary Fund (IMF), Benedict Bingham reported that Vietnam's trade deficit that now accounts for nearly 40% of total import spending is worrying

As reported by general Statistical Office (GSO), the H1 trade deficit increased three to four times against the same period of 2007. Particularly, in the period, 42,000 completely built cars worth US$742 million were imported, higher 61.1 times in volume as compared with Jan-June of 2007 and the spending on automobile spare part imports also rose by 3.2 fold.

At present, the import tariff on CBUs stands at 83% after two adjustments in March and April while that imposed on automobile spare parts and accessories for domestic assembly was doubled with a rise of 5-10% each adjustment.