ID :
15170
Thu, 08/07/2008 - 11:15
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https://www.oananews.org//node/15170
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Car imports hit with new licensing system
Hanoi (VNA) - The Ministry of Industry and Trade has said it will begin applying automatic import licensing cars to reduce soaring car imports and contain the inflation rate, which reached a 10-year high of 27.04 percent year on year in July.
According to the ministry's decision, signed on August 1, the automatic import licensing will take effective 21 days after it is officially publicised and will be valid until December 31.
The ministry said automatic import licenses would be granted 10 days after they receive completed application forms from car importers.
Meanwhile, importers must inform the ministry about import progress five days after initiating import procedures, the ministry said.
According to Industry and Trade Deputy Minister Bui Xuan Khu, the main purpose of the license is to limit the number of completed built unit (CBU) cars imported. The number reached 43,500, totalling 812 million USD, in the first seven months of the year, a 3.9 fold increase over the same period last year.
In addition, Khu said that the ministry would reserve the right to
stop granting licenses at any time.
Automatic import licenses were introduced in 2002. They enable the
quantities of imported goods to be monitored and restrictions to be
applied if necessary. The ministry can cease imports once a set volume has been reached.
Vietnam imported 28,000 CBUs last year, up 223 percent from 2006. The CBU-import value for 2007 hit a record 523 million USD, up 208 million USD over 2006.
Over the last few months, the Government has introduced a series of
trade restrictions to curb rising car imports.
The Ministry of Finance on April 2 raised the import tariff on CBUs from 60 percent to 70 percent and then again from 70 percent to 83 percent just a few days later.
The Ministry of Industry and Trade two weeks ago said it was considering again raising import tariffs on CBUs even above the current 83 percent.
There are over 800,000 automobiles in Vietnam, compares to over 20
million motorbikes, according to the Ministry of Transport.
According to the ministry's decision, signed on August 1, the automatic import licensing will take effective 21 days after it is officially publicised and will be valid until December 31.
The ministry said automatic import licenses would be granted 10 days after they receive completed application forms from car importers.
Meanwhile, importers must inform the ministry about import progress five days after initiating import procedures, the ministry said.
According to Industry and Trade Deputy Minister Bui Xuan Khu, the main purpose of the license is to limit the number of completed built unit (CBU) cars imported. The number reached 43,500, totalling 812 million USD, in the first seven months of the year, a 3.9 fold increase over the same period last year.
In addition, Khu said that the ministry would reserve the right to
stop granting licenses at any time.
Automatic import licenses were introduced in 2002. They enable the
quantities of imported goods to be monitored and restrictions to be
applied if necessary. The ministry can cease imports once a set volume has been reached.
Vietnam imported 28,000 CBUs last year, up 223 percent from 2006. The CBU-import value for 2007 hit a record 523 million USD, up 208 million USD over 2006.
Over the last few months, the Government has introduced a series of
trade restrictions to curb rising car imports.
The Ministry of Finance on April 2 raised the import tariff on CBUs from 60 percent to 70 percent and then again from 70 percent to 83 percent just a few days later.
The Ministry of Industry and Trade two weeks ago said it was considering again raising import tariffs on CBUs even above the current 83 percent.
There are over 800,000 automobiles in Vietnam, compares to over 20
million motorbikes, according to the Ministry of Transport.
