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Vietnamese government plans to cancel tariffs on automotive raw materials and parts

On August 16, according to Vietnam News, in order to support the development of the automotive industry, the Vietnamese Ministry of Finance clearly stated that it plans to cancel import tariffs on automotive raw materials and components.It is said to be included in the law revision, and by 2023 a tax incentive system will be established around automotive raw materials and assembled parts.The revision of the law is expected to eliminate bottlenecks in the development of priority industries, including automobiles, and strengthen the cultivation of suppliers by increasing the proportion of localization of parts.According to the finance minister, most of Vietnam's suppliers are small and medium-sized enterprises. Of the approximately 1,800 suppliers, only about 300 are involved in the global manufacturer's supply chain.(From an article of Vietnam News on August 16, 2019)

<August 19, 2019>

2019年8月24日 11:35
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