The Hanoitimes - Vietnam is an increasingly important business destination and access to high end transport has been an untapped market potential. A representative of Enterprise Rent-A-Car Vietnam said the country’s rental car market remains huge but the service is inadequate, citing it as a reason for the US largest car rental provider Enterprise Holding to open its business in Vietnam. Illustrative photo. The representative told local media that the Vietnamese market is on the rise, thanks to strong growth momentum of foreign direct investment in at least 10 years, leading to an increasing influx of expats. Moreover, Vietnam’s middle class, especially the young generation has new lifestyle, for which they now focus on the quality of life and experience by renting a car, instead of spending a fortune to buy a luxury car. On November 29, Enterprise Holding announced that its Enterprise Rent-A-Car brand is now available for the first time in … [Read more...] about Vietnam’s car rental market potential remains huge: Enterprise Rent-A-Car
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Vietnam’s policy on tightening car import regulations under Decree 116 may be the main reason behind foreign car makers' decision to expand production in Vietnam. The Toyota automotive plant in Vinh Phuc province. Source: toyotavinhphuc.info Most recently, Toyota Vietnam proposed the Vinh Phuc People’s Committee to rent 9.1ha of land in Phuc Yen city to expand its automobile manufacturing plant, raising its annual capacity from the current 50,000 to 90,000 units by 2023. Accordingly, the total capital for this expansion is about $40 million. Toyota’s move is supposed to be the result of Decree No.116/2017/ND-CP, which introduced many strict conditions and regulations about importing cars, which came into effect early this year. Not only Toyota, but Ford and Hyundai are also planning to expand production scale in Vietnam due to the decree. According to the Vietnamese government, Decree 116 aims to boost the development of the country’s automobile … [Read more...] about Decree 116 moves foreign car makers to expand production in Vietnam?
President Donald Trump is considering a plan to impose steep tariffs on auto imports justified by national security concerns, the same reason used for duties on steel and aluminium, The Wall Street Journal reported on Wednesday (May 23). New foreign cars are seen parked at the Dundalk Marine Terminal on Mar 9, 2018 in Baltimore, Maryland. (Mark Wilson/Getty Images/AFP) The White House is considering launching a so-called Section 232 investigation on auto trade, according to the report, which would provide the legal basis to impose tariffs if the Commerce Department finds imports threaten US national security. Trump may have previewed the move in two vague tweets early on Tuesday. "There will be big news coming soon for our great American autoworkers," he said on Twitter. "After many decades of losing your jobs to other countries, you have waited long enough!" In another tweet referring to trade talks with China, he said that, while the discussions were moving along nicely, … [Read more...] about Trump considering 25pc tariffs on car imports: Report
After stopping car exports to Viet Nam for more than a month, Japanese auto giant Honda Motor suddenly decided to import around 2,000 vehicles from Thailand in early March. — Photo tuoitre.vn After stopping car exports to Viet Nam for more than a month, Japanese auto giant Honda Motor suddenly decided to import around 2,000 vehicles from Thailand in early March. This is the first batch of automobiles exempt from import tax under the ASEAN Trade in Goods Agreement (ATIGA) to be imported into Viet Nam. ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Viet Nam. Ly Thanh Binh, head of customs at HCM City’s Hiep Phuoc Port, confirmed that Honda cars including Jazz, Accord, CR-V and Civic were unloaded at the port on March 1. The vehicles will be sold in one or two months after they undergo several mandatory tests as part of the customs clearance process. In January, Toyota Motor and Honda decided to suspend exports to … [Read more...] about Floodgates could open as Honda imports cars
Tariffs on motor vehicles imported from Japan to Vietnam will be slashed to zero from 2029 at the earliest. The tax exemption is part of the Trans-Pacific trade deal signed on March 8 between 11 member countries, including Japan and Vietnam. Industrial products will no longer be subject to trade tariffs between those countries as part of the pact. Vietnam will eliminate tariffs for cars with an engine capacity of over 3000cc 10 years after the CPTPP goes into effect, and the rest will follow suit thee years after that, said Luong Hoang Thai, director general of the Department of Multilateral Relations at the Ministry of Industry and Trade. The earliest date for the pact to come into effect for Vietnam is 2019. While the elimination of tariffs under the CPTPP has been widely regarded as a powerful signal against protectionism and trade wars, Vietnam has been known to raise other trade barriers to counter the loss it incurs from the elimination of import taxes. The most recent … [Read more...] about Car import tariffs from Japan to Vietnam to be eliminated from 2029