Vietnam ups import duty on used cars

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Import tariffs on used cars with fewer than nine seats has been hiked by 20 percent with effect from April 29.

A circular issued recently by the Ministry of Finance says cars with engines of less than 1.0L capacity will be subject to a tax of US$4,200 compared to the current $3,500.

Those with engines of 1.0L-1.5L will be taxed at $9,600 against the current $8,000.

Vehicles with engines of above 1.5L are now subject to a tax of 72-82 percent of the rate imposed on a new car.

Importers also pay "absolute taxes" of $5,000 on a car with an engine of 1.5-2.5L and $15,000 for those above 2.5L.

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