Vietnam Raises Car Tax A Second Time

Import taxes on completely built vehicles have been raised by the Vietnamese government in an attempt to cut the country's trade deficit. A government official has told local press that the trade deficit in Q108 stood at US$7.4bn, compared with US$1.7bn in Q107 and that the tax hike was in response to a request from the Vietnamese Prime Minister. The tariff on imported vehicles has now been raised from 70% to 83%, effective from April 22 2008, while the tax on imported parts has been raised to 25%. This is the second increase in tariffs in as many months, after

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