Vietnam to Increase Import Tariffs on Second Hand Automobiles

According to Vietnam Economy on May 25, 2011, Vietnam is considering the scheme of increasing the tariffs on second-hand automobile imports. According to the project, tariff rate on cars with engine displacement of below 2500 cc will remain unchanged. And the tariff rate on the cars with engine displacement of above 2500cc will increase, to be specific, the taxable value of second-hand automobiles will be calculated with depreciation rate of 5% per year.