Vietnam to Slash Import Tariffs on Original Trucks

Vietnam's Ministry of Finance recently notified all the functional authorities concerned of the plan to slash the import tariffs as of Jan. 1, 2011 on original trucks.

According to the plan, import tariffs on trucks below 5 tons will be reduced to 30% from current 70%; that on 5 tons-10 tons trucks will be reduced to 25% from current 50%; that on 10 tons-20 tons trucks will be reduced to 25% from current 50%; after the adjustment, there will be a gap of only 10-15 percentage points between the import tariffs on original trucks and parts & components.