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Vietnam automobile manufacturers association
Vietnam rejects automobile manufacturers’ claims for car tax & fee reductions
VietNamNet Bridge - Despite a series of policies laid down recently to help ease difficulties, automobile joint ventures still demanded sharper tax and fee reductions. In reply, the Ministry of Finance said they should not expect to see all the claims to be satisfied. VAMA (the Vietnam Automobile Manufacturers' Association) petitioned to the Prime Minister, Ministry of Finance (MOF), Ministry of Industry and Trade and Ministry of Transport, requesting to apply drastic measures to rescue the automobile industry. This was for the second time since May 2012 the association petitioned directly to the government. Automobile manufacturers asked to apply the same single ownership registration tax rate of 10 percent on the vehicles registered in all provinces and cities. If the different registration tax rates are still applied as currently, customers would make the ownership registrations in other localities in order to avoid tax. VAMA pointed out that it was the vehicle ownership … [Read more...] about Vietnam rejects automobile manufacturers’ claims for car tax & fee reductions
Vietnam automobile industry risks collapse after Toyota announcement about possible production end
The automotive industry in Vietnam is facing a collapse after Toyota has announced that it may stop assembling automobiles in the Southeast Asian country, considering future cuts in taxes on ASEAN vehicles. As announced early this month by Yoshihisa Maruta, president of Toyota Motor Vietnam, the Vietnamese unit of the world’s largest carmaker is mulling over putting an end to production and switching to imports in order to enjoy the preferential tax treatment an ASEAN trade pact will offer in the next three years. ASEAN stands for Association of Southeast Asian Nations, including Indonesia, Malaysia, the Philippines, Singapore, Thailand, Brunei, Cambodia, Laos, Myanmar, and Vietnam. According to the road map of the ASEAN Free Trade Area (AFTA), automobiles under ten seats imported from ASEAN countries are entitled to a 50 percent rate this year. The rate will be cut to 40 percent next year, 30 percent the following year, and 0 percent in 2018. As a result, after … [Read more...] about Vietnam automobile industry risks collapse after Toyota announcement about possible production end
Domestic automobile manufacturers satisfied with September sales
Car sales in September 2009 were double those of the same period last year, the Vietnam Automobile Manufacturers’ Association (VAMA) announced in a report released on October 6. VAMA’s members sold 11,071 cars in September 2009, an increase of 516 cars over August, which represents a two-fold increase over September 2008. The sales of all vehicle types have seen growth compared to the same period of last year. Some 3,498 passenger cars were sold in September, an increase of 191 percent over the same period of the previous year, while 2,443 SUV/MPV cars were sold, up by 108 percent. Domestic manufacturers have reported different sales growth rates. Ford has become the leader in the market with impressive sales growth rate of 230 percent, followed by Honda at 200 percent. GM Daewoo has seen sales rise by 148 percent, Vinastar 131 percent, Mercedes Benz 70 percent and Toyota 129 percent. However, Toyota is still leading the market in number of cars sold with 2,805 … [Read more...] about Domestic automobile manufacturers satisfied with September sales
Higher taxes and fees put automobile manufacturers in distress
Foreign invested automobile enterprises have complained that they are now in big difficulties with rising inventories, financial instability and stagnant production. Deputy General Director of Ford Vietnam, Hoang Van Minh, has said that the demand has plunged in the last few months after the market continuously received bad news about the vehicle ownership registration tax, car plate number fee, road maintenance fee and vehicle circulation fee. The sales of Ford and other members of the Vietnam Automobile Manufacturers’ Association (VAMA) have dropped by 50 percent in comparison with late 2011. Ford Vietnam’s workers stayed off work for two weeks in February. General Director of Toyota Vietnam, Akito Tachibana, has also said that the sales of cars in January and February decreased by 44 percent in comparison with the same period of 2011, after the car ownership registration tax and car plate number granting fee rose sharply in big cities since January 1, … [Read more...] about Higher taxes and fees put automobile manufacturers in distress