Vietnam suspends ban on direct import of cars

Thanh Nien News

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The Ministry of Industry and Trade has announced that it will give unofficial car importers one year to bring in consignments that got stuck during a ban imposed on the direct import of cars three years ago.
The ban was implemented to tighten control over car imports.
Under the ministry’s latest order, brand new cars with less than nine seats which businesses purchased before May 12, 2011 (when the ban took effect) will be allowed into Vietnam without authorization from the manufacturer, news website Thoi Bao Kinh Te Sai Gon (Saigon Times) reported Thursday.
All import procedures must finish by May 28 next year.
According to the ministry, 10 local businesses signed contracts and paid for between 1,500-2,000 cars, but couldn't import them into Vietnam due to the ban.
It was estimated that the businesses paid more than US$25 million to foreign partners and couldn't get their money back when the imports were prohibited.
Following several complaints, the ministry said businesses can seek newer models from the same brands given that the purchased models have aged three years and lost some of their value.
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