Ministry plans to eliminate import duties on auto parts
The Ministry of Finance plans to eliminate import taxes on auto materials and parts in order to support the development of the country’s automobile industry.
The Thaco Mazda factory of Truong Hai Auto Group in the central province of Quang Nam (Photo: VNA)
Hanoi (VNA) - The Ministry of Finance plans to eliminate import taxeson auto materials and parts in order to support the development of thecountry’s automobile industry.
The tax cut was included in the Government’s revised decree on the schedule forpreferential import tariffs, flat taxes, compound tariffs and out-of-quotaimport tariffs.
The Ministry of Finance said it will develop preferential tax policies for rawmaterials and auto parts for automobile manufacturing and assembly from nowuntil 2023.
This decree is expected to remove bottlenecks in the development of prioritisedindustries, including the automobile industry, and promote the strengths ofpart suppliers to increase the localisation rate (the percentage of parts thatare produced locally).
Under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership(CPTPP), which came into force on December 30, 2018, the import duties oncompletely built-up cars (CBUs) from CPTPP member countries will gradually fallfrom 70 percent to zero over the next seven to nine years.
The European Union-Vietnam Free Trade Agreement (EVFTA), which was signed on June 30this year, includes a similar commitment. It stipulates that the import tax onCBUs from EU countries will gradually decrease to zero percent after nine to 10years.
The import duty was eliminated for cars from ASEAN countries last year. By2030, the Vietnamese automobile market will be fully open to major automobileproduction centres around the world including Japan, Mexico and the EU.
The ministry said Vietnam’s part suppliers are mainly small- and medium-sizedenterprises with low production capacity. Among about 1,800 spare partbusinesses, only about 300 are participating in the production networks ofmultinational corporations.-VNA
Opportunities to boost trade and investment with Canada are promising since the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) took effect, experts said at a seminar held in Ho Chi Minh City on June 28.
Tariffs on imported products including fruit and frozen foods from six member countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will be reduced to zero backdated to January 14 this year to 2022.
According to Chairman of the Vietnam Farmers' Association Thao Xuan Sung, the export ratio of raw agricultural products is still high with low quality and quantity of value chains.
The Malaysian Government has yet to decide on whether the country would ratify the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (CPTPP) or not, the local news agency Bernama quoted an official as saying.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
The Thaco Mazda factory of Truong Hai Auto Group in the central province of Quang Nam (Photo: VNA) 
