ASEAN imports benefit from tax cuts

The new policy is expected to create more favourable conditions for ASEAN countries to compete with other countries from Asia.

According to the General Department of Customs, import turnover of ASEAN countries in Vietnam has surged significantly in the first quarter. Cars imported from Thailand and Indonesia have surpassed imports from Korea and China to become the popular choices with Vietnamese consumers.  

The roadmap for tariff reductions under the framework of the ASEAN Trade in Goods Agreement has been affecting cars imports since tax rates have been cut. Tax rate for cars imported from ASEAN decreased by 10% compared to last year, which also affected consumer choices.