The Ministry of Finance has adjusted import and export duties on automobiles and certain other goods, effective immediately, in an effort to stabilise prices and ease the trade deficit.
Under Decision No 17/2008/QD-BTC, the ministry has increased export tax rates for coal to 15%, crude oil to 8%, metal ores (including iron and copper) to 20%, and building tiles to 12%.
Meanwhile, it has reduced import duties on certain agricultural products and raw materials needed for production and waived duties on unprocessed seafood.
At the same time, the ministry yesterday raised the import duty on new completely-built-unit (CBU) automobiles from 70% to 83% in a move to slow the increasing number of cars on the nation's traffic-clogged roads.
The tariff on automobile parts and components imported for local assembly was also raised 3-5%, according to deputy Finance minister Do Hoang Tuan Anh.
The decision, the second auto tariff hike in 2008 and the first since the April 2 hike from 60 to 70%, is part of a government drive to reduce traffic congestion by decelerating the mass importation of automobiles, as well as an effort to curb the trade deficit. Experts said the government had attempted to force local automakers to reduce sale prices by cutting import tariffs on CBUs and used cars, but the price of domestic automobiles has remained stable.
